[1] There were three appeals before us, namely:

(a) Civil Appeal No: W-02(IM)-124-2010

Cheah Theam Kheng v. City Centre Sdn Bhd (In Liquidation) ("the CTK's Appeal").

(b) Civil Appeal No: W-02(IM)-286-2010

(1) Equiticorp Holdings Ltd (In Statutory Liquidation)

(2) Equiticorp Financial Services Ltd (In Statutory Liquidation) v. City Centre Sdn Bhd (In Liquidation) ("the Equiticorp Appeal").

(c) Civil Appeal No: W-02(IM)-287-2010

United Securities Sdn Bhd (In Liquidation) v. City Centre Sdn Bhd (In Liquidation) ("United Securities Appeal").

[2] Since the issues raised in all the three appeals are common to one another, they were heard together before us.

[3] The three appeals arose from the order of the High Court vide Kuala Lumpur High Court Companies (Winding-Up) No: D6-28-9-2000 on 21 December 2009 wherein by that order the High Court approved the sale of the lands belonging to the respondent, namely, City Centre Sdn Bhd (In Liquidation) ("City Centre") who acted by its liquidator by the name of Chuah Seong Phaik ("the liquidator") to North Plaza Sdn Bhd ("North Plaza") pursuant to a sale and purchase agreement dated 9 January 2007. The order of the High Court was made on the application b