KUALA LUMPUR (Sept 2): The High Court has fixed Oct 1 to hear Boustead Naval Shipyard Sdn Bhd’s (BNS) application for a full extension of a restraining order on its creditors.

Judicial Commissioner Liza Chan Sow Keng also granted an ad interim restraining order as part of the Boustead Holding Bhd subsidiary’s scheme of arrangement with its creditors.

BNS was represented by Lee Shih and Nathalie Ker from Lim Chee Wee Partnership.

On June 2, Chan had granted BNS a three-month restraining order and leave to proceed with a scheme of arrangement with its creditors.

The court also granted an order for BNS creditors to meet, and, if thought fit, approve the scheme of arrangement.

It also granted a restraining order on proceedings against BNS or its assets for three months.

BNS faced financial difficulties following a winding-up petition filed by MTU Services (Malaysia) Sdn Bhd in July last year over an alleged debt of RM56.04 million.

On March 29, the winding-up petition was struck out.

BNS had in October last year obtained an ad interim restraining order to restrain its scheme creditors from initiating legal proceedings against the company.

The ad interim restraining order will not restrain or stay the continuation of the legal proceedings brought by MTU Services and Ingat Kawan (M) Sdn Bhd.

Since then, it is understood that other creditors have intervened in the ongoing court proceedings over the scheme of arrangement.

They include Contraves Sdn Bhd, Axima Concept SA, Contraves Advanced Devices Sdn Bhd, Contraves Electrodynamics Sdn Bhd and Tyco Fire, Security & Services Malaysia Sdn Bhd, as well as iXblue SAS, iXblue Sdn Bhd and Protank Mission Systems Sdn Bhd.

Also included are Bank Pembangunan Malaysia Bhd, AmBank Islamic Bhd, AmBank (M) Bhd, Affin Hwang Investment Bank Bhd, Bank Muamalat Malaysia Bhd, Affin Bank Bhd, Bank Kerjasama Rakyat Malaysia Bhd, Malayan Banking Bhd and Kuwait Finance House (Malaysia) Bhd.