VC George J

On 30 March 1984, one Dr AS Iaduray entered into an equipment lease agreement, the period of lease being 36 months, with Metroplex Leasing & Credit Corp Sdn Bhd ('Metroplex') in respect of a set of X-ray equipment known as the Universal Mobile Master 30 High Quality X-Ray Catalogue No 3110.30 which set included certain accessories.

On 21 January 1985, with the consent of Metroplex, Dr Iaduray by a deed assigned all his interest in the said equipment lease agreement to Dr Mathew Sebastian.

On 8 October 1985, Metroplex purported to terminate the lease and on 20 November 1985 caused a writ to issue against Dr Mathew Sebastian for the sum of $56,737.53 together with interest thereon at 2% per month from 8 October 1985 until realization and costs. The computation used to arrive at the said $56,737.53 was set out in the particulars of the claim in the statement of claim as follows: Particulars Computation $836.70 x 36$ 30,121.20 Less: $836.70 x 4$ 3,346.80 $ 26,774.60 Add: Tax loss (80% on $36,000)$28,800 Add: Net RV (90:10% on predetermined value of $9,000)$ 900 Add: Late interest charges$ 263.53 $ 56,737.53

The defendant failed to enter an appearance and a draft judgment in