[2005] 1 LNS 322
The Court decided that at the time this application is heard there is no proposed scheme of arrangement and compromise as intended under section 176 (10A) (a) and therefore a restraining order is not required to ‘formalize’ by the Applicant and his Creditors as referred to under section 176 (10A) (b) of the Act. This is because at this time the White Knight (Salwan Corporation) has cancelled the agreement on the grounds that the Applicant failed to meet the ‘precedent’ condition before 31.3.2005 (resulting in the Applicant filing legal action against the Corporation Shares) This Court (dated 31.1.2005) which rejected the application of witnesses under section 176 , was also quashed by the Court of Appeal on 15.6.2005. Datuk Ganesan acted for the interveners.