[1] The plaintiff, RHB Bank Berhad (the "bank"), sued the 1st defendant, Singlefine (M) Sdn Bhd (the "borrower"), under a Restructuring Agreement entered into between them pursuant to a consent judgment. The 2nd and 3rd defendants were guarantors of Singlefine's obligations to the bank (although on a true construction of the Personal Guarantee executed by them, they had agreed to be liable as principal debtors and not merely as surety).

Material Background Facts

[2] The borrower was a subcontractor that had been awarded, in December 2005, a contract to undertake electrical works in connection with the construction of a building owned by Bank Negara, known as Sasana Kijang. The contract was awarded to the borrower by the main contractor, H&I Niaga Sdn Bhd.

[3] On 8 January 2007, the borrower entered into a Facilities Agreement with the bank. The Facilities Agreement was secured by, among others, the Personal Guarantee executed by the 2nd and 3rd defendants and a Deed of Assign