JUDGMENT

John Lee Kien How @ Mohd Johan Lee J:

Introduction

[1] The plaintiff is a licensed financial institution. The defendant was the director and shareholder of Hosba Valley Resort Sdn Bhd ("HVRSB") and guarantor of the loans given by the plaintiff to HVRSB in the sum of RM12,500,000.00 vide Loan Agreements in 1995 and 1996 ("Loans").

[2] A piece of land, namely, all that piece of land held under HS(D) 504/95 No PT 1137, Mukim Hosba, Daerah Kubang Pasu, State of Kedah Darul Aman ("the Land") owned by HVRSB was charged to the plaintiff as security for the Loans and was duly forfeited by the plaintiff via Order for Sale dated 10 January 2000 in Originating Summons No 24-1441-1999 ("Foreclosure Suit").

[3] HVRSB was later wound up by the court on 26 September 2012 and a liquidator (Dato' Robert Teo Keng Tuan) was duly appointed on 11 November 2015 ("liquidator").

[4] The defendant was declared a bankrupt on 4 July 2013 and presently retains the status of an undischarged bankrupt. Proof of Debt was filed by the plaintiff against the defendant for the sum of RM29,441,308.41 with the Official Receiver on 6 April 2016.

[5] The outstanding debt under the Loans has not been paid by HVRSB or th