Mahadev Shankar J:

This is an application for a declaration that the plaintiffs are no longer bound by an agreement for the purchase by them of an apartment in Taman Sri Muda Shah Alam and for various consequential orders. The defendant (hereinafter referred to as "Newacres") and Metroplex Leasing and Credit Corporation Sdn. Bhd. (hereinafter referred to as "Metroplex"), are both subsidiaries or associates of Metroplex Bhd. Indeed all of them have their registered office at the same address that is 10th Floor, Wisma Equity, No. 150, Jalan Ampang, Kuala Lumpur.

On 18 March 1985 the plaintiffs entered into a written agreement (the agreement) to purchase the aforesaid apartment for RM89,400. The agreement was subject to the Housing Developers (Control and Licensing) Act 1966 (the Act). The said apartment was to be ready for occupation in thirty-six months that is on or before 17 March 1988 (Clause 13.1). By Clause 6 of the said agreement time was made of the essence of the agreement. Newacres undertook to use its best endeavours to arrange a loan of up to RM62,580 for progress payments towards the purchase price.

By 1 June 1987 the plaintiffs had already paid Newacres RM44,70