JUDGMENT

Mohamed Yusoff SCJ

(delivering the judgment of the court): The chargor, the first appellant in SCCA 02-336-90 (hereinafter referred to as 'the first appellant') and the four interveners who were purchasers (hereinafter referred to as 'the second to fifth appellants') of shop lots in the charged land comprising a building known as Kuching Plaza appealed against the order for sale granted to Bank Bumiputra Malaysia Bhd (hereinafter referred to as 'the respondent') by the learned judge under s 148(2)(c) of the Sarawak Land Code (Cap 81). Both of these appeals were consolidated at the hearing.

The facts relevant to the issue in both the appeals are as follows. The first appellant borrowed a sum of $5m from the respondent, at its Kuching Branch in 1979 to build the Kuching Plaza ('the Plaza'), on lot 16 section 30, Kuching Town Land District on the term that the land was to be secured by way of first legal charge for the loan. The memorandum of charge was duly executed and registered as Instrument No L 10145/1979 on 10 October 1979.

The term of payment of the loan stipulated by the respondent was that the redemption of title would be at $40,000 per shop lot calculated on the ba