Zaleha Zahari JCA

[1]The High Court judge by order dated 27 February 2009 allowed the application of the three interveners (the respondents in these appeals) to set aside an ex parte order dated 18 August 2008 obtained by the applicants (the appellants in all three appeals). The three appeals were heard jointly and were unanimously dismissed with costs. My reasons in dismissing them are as follows.

[2]The common issues for determination in these appeals are: Whether there were material non-disclosure on the part of the appellants in obtaining the ex parte order dated 18 August 2008? In respect of the appeal against the respondent in Appeal No W-02(IM)-385 of 2009, what is the consequence in law of an undertaking given by the first appellant to them as trustee of certain noteholders? Whether the proposed scheme of the appellants is mala fide?

THE FACTS

[3]The antecedent facts leading to the filing of these three appeals are these.

[4]On 14 October 2004 Murabahah Notes Issuance Facility Agreement (‘MUNIF/MMTN’) was executed by PECD Jaya Holdings Sdn Bhd (formerly known as Peremba Jaya Holding Sdn Bhd, ‘the issuer’) to issue certain notes (‘the notes’) of up to RM200m to various noteholder