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HIGH COURT MALAYA MALACCA
IMPONOTIVE AUTO SDN BHD & ORS – Appellant
Versus
OCBC BANK (MALAYSIA) BERHAD & ORS – Respondent
| Table of Content |
|---|
| 1. basis of application for leave and restraining order (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. applicants' justifications for revised scheme (Para 11 , 12 , 25) |
| 3. interveners' opposition to revised scheme (Para 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 4. court's analysis of revised scheme viability (Para 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37) |
| 5. impact of interveners' opposition (Para 40 , 41 , 42 , 43 , 44) |
| 6. conclusion and orders issued by the court (Para 46 , 48 , 49) |
Introduction
[1] This is a decision on the Applicants' application via encl 1 for:
(i) an order pursuant to s 366(1) of the Companies Act 2016 granting leave to the Applicants to convene a Creditors' Meeting for the purpose of presenting for approval a scheme of arrangement between the Applicants and their respective Scheme Creditors; and
(ii) a restraining order pursuant to s 368(1) of the Companies Act 2016 to stay all proceedings initiated by the Applicants' creditors.
Background
[2] The Applicants are manufacturers of parts and components in the automotive industry, collectively known as the 'SPA Group'. They are interrelated via a common majority shareho
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