JUDGMENTBY: ZAKARIA YATIM J

There are five similar applications before this court. The first application was filed by Teras Tenaga Industries Sdn Bhd, a creditor of Sama Corporation Sdn Bhd (hereinafter referred to as the company). The second application was filed by Mr Lim Tuck Fatt, the former director of the company (in liquidation). The third application was filed by Concrete Industries (Johore) Sdn Bhd, Morier (Malaysia) Sdn Bhd, and Tas-Redland Tiles Sdn Bhd, who are also creditors of the company. The fourth application was filed by Sama Wira Mulpha Industries Sdn Bhd, another creditor of the company. The fifth application was filed by Sama Corporation (KB) Sdn Bhd also a creditor of the company.

In all these five applications, the applicants are seeking the order of the court (a) to set aside an order made by this court on 9 July 1990; (b) that sales pertaining to the land held under EMR 3843, Lot 513, Mukim of Petaling (hereinafter referred to as the said land) be stayed pending the outcome of their applications; (c) that notice be given to the other creditors of the company of their applications; and (d) that the costs of the applications be costs in the cause.

The order dated 9 July 1990, which the applicants seek to set aside, is as follows:

Upon the application of the applicant and upon reading the

summons-in-chambers dated 30 May 1990 and the affidavit of En Abdul

Samad bin Hj Alias affirmed 29 May 1990 and the affidavit of Mr Jaspal

Singh affirmed on 9 July 1990 filed herein and upon hearing Mr Jaspal

Singh of counsel for the applicant and En Mohd Noor Alias for the

official receiver abovenamed it is ordered that:

(i) the receiver and manager is at liberty to sell assets comprised

in the debenture including but not limited to:

(a) land held under EMR 3843 Lot 513, Mukim of Petaling;

(b) shares held in CI Holdings Sdn Bhd and Sama Corporation

Development Sdn Bhd;

(ii) the senior assistant registrar of this honourable court do

execute in the name of Sama Corporation Sdn Bhd such deeds and/or

forms as are necessary to effect the discharge and transfer of

the said assets upon application by the receiver and manager;

(iii) the Registrar of Land Titles do and cause to be registered such

instruments presented by the receiver and manager for the

discharge of charge and transfer of title in respect of EMR 3843

Lot 513, Mukim of Petaling, Wilayah Persekutuan.

(iv) the official receiver/liquidator do deliver assets in or coming

into his possession comprised in the charge given in the said

debenture dated 1 November 1973 to the receiver and manager of

Sama Corporation Sdn Bhd;

(v) the costs of this application be provided for.

Dated 9 July 1990.

Before the hearing of the applications, the court heard another applicaby Messrs Wang Zheng Corporation Sdn Bhd, who applied to be added as an intervener in the matter. I allowed the application and Messrs Wang Zheng Corporation Sdn Bhd was added as intervener in the applications.

The facts of the case are briefly as follows: The company was a customer of Mercantile Bank Ltd (Mercantile Bank). In consideration of Mercantile Bank granting credit facilities to the company, the company created and executed a debenture (the said debenture) on 1 November 1973 in favour of Mercantile Bank. The company also created a charge (the said charge) dated 1 November 1973 under the National Land Code 1965 in respect of land held under title EMR, Lot 513, Mukim of Petaling. Both the debenture and the charge were duly registered with the Registrar of Companies on 8 November 1973. The debenture and the charge were subsequently transferred by Mercantile Bank to the Hongkong & Shanghai Banking Corporation (HKSBC) for a consideration of $ 1m. The company was subsequently wound up by the order of t