JUDGMENT

Shaik Daud J:

The first defendant, who are bankers, is the holder of Debentures dated 28 January 1988, 9 May 1991 and 5 November 1991 executed between themselves and the plaintiff. On or about April 1992 the plaintiff went into financial difficulties requiring further injection of funds. As a result it was agreed that if the plaintiff could arrange for another party a placement of a fixed deposit of six million Deutsche Mark, the 1st defendant would arrange an overdraft facility of RM6 million for the use of the plaintiff. After the 6 million Deutsche Mark was arranged the plaintiff claims that the 1st defendant refused to honour their agreement. The plaintiff on 17 February 1993 obtained a Court order to restructure the company but on the application of 1st defendant and two other creditors the order was set aside, and is currently on appeal to the Supreme Court. The 1st defendant has thereby appointed the 2nd and 3rd defendants as Receivers and Managers. The plaintiff now before me by summons in chambers apply to have the appointment of the 2nd and 3rd defendants as Receivers and Managers be set aside.

What the plaintiff is saying is that the 1st defendant proceeded to