JUDGMENT

(Enclosure 1)

Shamsul Bahrin Abdul Manaf JC:

[1] This judgment is with regard to an application by the Plaintiff to remove a private caveat lodged by the Defendant on a piece of land held under title PN3024, Lot 5056, Mukim Panchor, Jajahan Kota Bharu, Negeri Kelantan Darul Naim ("the Property").

Background Facts

[2] The Plaintiff is the registered proprietor of the Property

[3] Defendant is a director and shareholder of the Plaintiff.

[4] Plaintiff had obtained financing for the development and operations of the Property and had entered into 2 debentures dated 5 February 2018, debenture (Specific Assets) dated 3 November 2020, and Debenture (Specific Assets) dated 7 March 2021, and the Property was charged to Bank Islam Malaysia ("Bank Islam"), who is the debenture holder.

[5] Plaintiff was wound up pursuant to an order of Kota Bharu High Court dated 29 November 2022. Subsequently, Mok Chew Yin and Bernard Tan Chek Hean were appointed as the joint and several Receivers and Managers of the Plaintiff ("R&M").

[6] In the discharge of their duties, the R&M conducted 3 open tenders for the sale of the Property. The 1st open tender was carried out from 17 April 2023 to 17 May 2023 and