Serba Dinamik Subsidiaries Get Temporary Stay Of Winding Up Order

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Serba Dinamik Holdings Bhd (SDHB) and its three subsidiaries today obtained an ad-interim (temporary) stay of the winding-up order granted by the High Court against them.
Judge Ahmad Murad Abdul Aziz also ordered that the appointed interim liquidator be retained until the disposal of the full stay application.
The judge then fixed March 6 to hear a permanent stay’s application of the wind-up order and March 9 for a decision.
The judge made the decision in proceedings conducted online. Counsels Malik Imtiaz, LK Mak, Wong Ming Yen and Sandra Tan acted for Serba Dinamik and the subsidiaries as the applicants.
On Jan 10, the court allowed a petition filed by six financial institutions to wind up SDHB and its subsidiaries - Serba Dinamik Group Berhad (SDGB), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL).
The six financial institutions acting as the suit’s petitioners are Standard Chartered Saadiq Berhad, HSBC Amanah Malaysia Berhad, AmBank Islamic Berhad, MIDF Amanah Investment Bank Berhad, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Berhad.
The four companies are said to have a total debt of nearly RM5 billion.
On Jan 30, the Serba Dinamik companies filed a motion for a stay of the winding-up order, pending their appeal to the Court of Appeal.
In their affidavit supporting the motion for a stay, Serba Dinamik and the subsidiaries said the winding-up order should be deferred, pending the disposal of the appeal to the Court of Appeal and the appeal against their application to seek an adjournment of the winding-up hearing.
They said if a stay of the winding-up order is not granted, the four companies will suffer irreparable damage, which would see their contracts being terminated upon winding up, which, they claimed, is irrecoverable.
- Bernama

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