This article first appeared in The Edge Financial Daily, on June 30, 2016.

KUALA LUMPUR: The hearing of an application for a stay of proceedings of the petition to wind up CLIQ Energy Bhd, which was scheduled for yesterday, has been adjourned to July 19.

The application was filed by the special purpose acquisition company’s largest shareholder, Best Oracle Sdn Bhd.

The High Court adjourned the hearing as it wants to hear the matter together with another stay application sought by Best Oracle relating to its judicial review application, according to Best Oracle’s lawyer Shamsul Bahrin Manaf.

Best Oracle in April filed for a judicial review of the Securities Commission Malaysia’s (SC) request for information, which resulted in the rejection of CLIQ Energy’s acquisition plan. It sought an order for the SC to extend the deadline to submit the additional document.

The High Court, however, did not grant leave to Best Oracle to pursue the judicial review. The appeal on this matter is scheduled for hearing on Sept 14.

Meanwhile, Shamsul told The Edge Finacial Daily that Best Oracle on Tuesday filed an appeal against the court’s dismissal of its application to strike out the winding-up petition.

The application by Best Oracle, which controls a 20% stake in CLIQ Energy, to strike out the winding-up petition was filed on April 25. It was dismissed by the court on June 24.

Best Oracle is owned by CLIQ Energy chief executive officer Ahmad Ziyad, chief financial officer Kamarul Baharin Albakri and three former management team members.

CLIQ Energy applied to wind up after it failed to get an extension from the SC to complete its proposed qualifying acquisition of a 51% stake in a special purpose vehicle that will host Phystech Firm LLP’s two onshore Kazakhstan oilfields for US$110 million.