JUDGMENT

Ahmad Murad Abdul Aziz J:

Introduction

[1] The Judgment Debtor ("JD") has filed an appeal against the decision of the Senior Assistant Registrar ("SAR") dated 7 February 2023, which allowed the Judgment Creditor ("JC") leave to commence bankruptcy proceedings against the JD.

Background Facts

[2] The JD is a director of Platinum Green Chemicals Sdn Bhd, (formerly known as Platinum Biofuels Sdn Bhd and before that, Ganz Biofuels Sdn Bhd) ("the Borrower").

[3] The JC has extended a number of loan facilities ("the Facilities") to the Borrower. As security for the Facilities, the JD obtained a Corporate Guarantee from Platinum Nanochem Sdn Bhd ("the Corporate Guarantor") as well as charges on several parcels of land ("the Charged Properties") to secure part of the Facilities.

[4] The Borrower had utilised the Facilities but defaulted on payment on 20 May 2016. The JC appointed a Receiver and Manager to handle the assets of the Borrower on 11 July 2016. The Receiver & Manager, subsequently disposed of the Charged Properties for a total sum of RM13 million.

[5] The Corporate Guarantor was wound-up on 15 July 2016 and the JC filed a Proof of Debt ("POD") in the Winding-Up of the Corporate