Low Hop Bing JCA:

Appeal

[1]Vide an originating summons filed in the Ipoh High Court against the respondent ("the defendant"), the appellant ("the plaintiff") prayed for, inter alia , a declaratory order that pursuant to cl. 2, the plaintiff is entitled to receive from the defendant all gross sale proceeds and any other income derived from the development scheme under the Joint Venture Agreement in the proportion of 11.8958% in respect of wholly residential properties ("the prayer for residential properties").

[2] The learned High Court judge dismissed the prayer for residential properties and held that the plaintiff has to wait until the completion of the development of residential properties.

[3] This is the plaintiff's appeal against that decision.

Undisputed Facts

[4] By consent of the parties herein, U-Meng Corporation Sdn. Bhd and U-Meng Holdings Sdn. Bhd (collectively "U-Meng") were granted leave to intervene in this appeal.

[5] The defendant does not dispute the appointment of Receivers and Managers ("R & M") for the plaintiff.

[6] The Joint Venture Agreement dated 4 May 1996 ("the JVA") was entered into between the plaintiff, the defendant and U-Meng. The plaintiff is the