KUALA LUMPUR: Perisai Petroleum Teknologi Bhd and its wholly-owned subsidiary Perisai Capital (L) Inc have been granted a restraining order against all proceedings and actions brought against the two companies as part of its regularisation plan.

In a filing with Bursa Malaysia yesterday, it said the High Court of Malaya (Commercial Division) in Kuala Lumpur granted the orders pursuant to Sections 176(1) and 176(10) of the Companies Act 1965.

“The order was applied for as part of the company’s plan to regularise its and the group’s financial condition through, among others, proposed schemes of arrangement. Details of the proposed schemes of arrangement, which will be issued to scheme creditors, will be announced in due course,”it added.

Perisai became the first oil and gas company in Malaysia to fall victim to the slump in global crude oil prices and declared itself insolvent in October last year, after it defaulted on the principal and interest of the S$125 million bond issued by Perisai Capital.

The group was subsequently designated Practice Note 17 status, and is currently formulating a regularisation plan, which is to be submitted to the relevant authorities later this year.

Last week, Perisai announced that it had obtained the approval of the Companies Commission of Malaysia for an extension to hold its 2017 annual general meeting and to table its audited financial statements for the 18 months ending June 30, 2017, latest by Dec 29, 2017.