JUDGMENT

Has Zanah Mehat JCA:

Introduction

[1] The appellants filed the Originating Summons (OS) in the High Court to inter alia, challenge the foreclosure of two properties by the defendant bank. The High Court dismissed the appellants' claim. This is the appellant's (1st and 2nd plaintiffs in the High Court) appeal. For convenience, the parties shall be referred to as they were in the High Court.

Salient Facts

[2] In 2005, the 1st and 2nd plaintiffs obtained a housing loan of RM90,971.00 from the defendant ('Housing Loan') to finance the purchase of an apartment. The Housing Loan was secured under a Deed of Agreement over the apartment.

[3] In 2009, the defendant granted to Lakudang (M) Sdn Bhd ('Lakudang') a fixed loan, an overdraft facility and a trade bills facility amounting in total to RM1.1m (collectively referred to as 'Business Facilities'). The Business Facilities were secured by (i) guarantees by the 1st plaintiff and one Tan Cheong Yuen, (ii) a charge created by the 1st and 2nd plaintiffs over a double-storey house ('Penang Property') located in Bayan Lepas, Penang ('Penang Charge'), and (iii) a charge created by the 1st plaintiff and one Tan Cheong Sin over a double-storey