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HIGH COURT MALAYA KUALA LUMPUR
PAN NATION PETRO-CHEMICAL (SINGAPORE) PTE LTD – Appellant
Versus
IEP INC (ENCL 1) – Respondent
| Table of Content |
|---|
| 1. winding-up petition requirements and petitioner’s loss claims. (Para 1 , 2 , 3 , 4) |
| 2. respondent's grounds to contest the petition. (Para 5 , 11) |
| 3. court’s analysis on admission and debtor status. (Para 6 , 7 , 9 , 10) |
| 4. non-disputed debts allow for winding-up proceedings. (Para 8 , 12) |
Introduction
[1] Enclosure 1 is a Petition to wind up the Respondent pursuant to s 465(1)(e) read with s 466(1)(a) of the Companies Act 2016 ( CA 2016). This petition is premised on the failure by the Respondent to settle a judgment sum after the expiry of 21 days from service of a statutory notice under s 466(1)(a) of the on the Respondent.
[2] It is not disputed that the Petitioner did not obtain a judgment from any court before filing this Petition. However, it is trite law that it is not a requirement for the Petitioner to obtain a judgment before filing a petition to wind-up a company under s 465(1)(b) of the Companies Act 2016 (" CA 2016"), provided the debt is not bona fide disputed on substantial grounds.
[3] The Statutory Notice is premised on a breach of a Sales Agreement between the parties. The Respondent was to deliver 95,000 metric ton
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