Gopal Sri Ram FCJ:

[1] This is the judgment of the Court.

[2] This appeal is directed against the order of the High Court winding up the appellant. The brief background to this appeal is as follows. As long ago as 4 February 1991 the parties to this dispute entered into a consent judgment pursuant to which the instant appellant was to pay a consortium of lenders (respondents before us) a sum of RM66 million. Later, in May 1993 as a result of negotiations, the parties entered into an agreement whereby the consortium agreed to accept a sum of RM36 million as the redemption sum for the discharge of the appellant from its liability and also for the discharge of charges over 3 parcels of land belonging to a third party. At the end of the day, a sum of RM10,808,300.00 remained due and owing. Nothing further appears to have been said about this sum. In October 1999 the consortium presented a petition to wind up the appellant on the ground that it had failed to meet a demand served on it pursuant to s. 218(2) of Companies Act 1965. The appellant resisted the petition on the ground that the consent judgment had been overtaken by the settlement arrived at between the parties in Ma