S Nantha Balan JCA:

Introduction

[1] This is an appeal against the decision of the learned Judge ("the Judge") dated 19 April 2019 in Penang High Court Suit No 22NCVC-20-01/2014 ("Suit 20") wherein at the conclusion of a full trial (conducted on 4 and 12 October 2018, 7 and 10 December 2018, and 14 January 2019), the plaintiff's claim for reliefs under a bare trust, or alternatively under a constructive trust, was dismissed with costs. For convenience, the appellant, IB Capital Sdn Bhd shall be referred to as "the plaintiff", the first respondent, Ivory Indah Sdn Bhd as "D1" and the second respondent, CIMB Islamic Bank Berhad as "D2" Where necessary, D1 and D2 shall be referred to collectively as "the defendants".

[2] The subject matter of Suit 20 was a parcel of land held under GRN 1272 Lot 2838 Mukim 18, Daerah Timur Laut, Negeri Pulau Pinang ("the land"). At all material times, the registered (legal/beneficial) owner of the land was Dato' Krishna Kumar A/L T. N. Sharma ("Sharma"). A company called Trident Hill Sdn Bhd (Sharma's corporate vehicle) had taken loan facilities from Malaysian Assurance Alliance Berhad ("MAA"). Sharma offered the land as security. As such, legal c