KUALA LUMPUR (May 25): The High Court (commercial division) was told on Wednesday morning that the syndicated borrowers to the winding up petition filed against Serba Dinamik Holdings Bhd and its subsidiaries could not report whether they are agreeable to the scheme of arrangement proposed by the company.
Datin Jeyanthini Kannaperan informed Justice Nadzarin Wok Nordin that Serba Dinamik and its subsidiaries will be sending a further draft of terms of consideration later on Wednesday.
"Hence, there is no real report that we could give on this matter. I propose that the dates fixed for the handover of submission [to appoint an interim liquidator and for Serba Dinamik to cross-examine the winding up petition] remains," she proposed.
"If parties come to an arrangement (agreement) we will inform the court earlier," she added.
Justice Nadzarin agreed that the dates that he had fixed for hearing on June 8 should remain.
"Should parties come to an arrangement, please inform the court. Be that as it may, we will keep the dates. I believe we have another case management date on June 1, before me, where parties could also relate the outcome," he added in proceedings that were held online that was attended by theedgemarkets.com.
Besides Jeyanthini who appeared for the six syndicated creditors — AmBank Islamic Bhd, UOB (M) Bhd, Standard Chartered Bank (M) Bhd, Bank Islam (M) Bhd, MIDF Amanah Investment Bank Bhd, HSBC Amanah (M) Bhd — the others present were Tan Kah Weng for HSBC Amanah, one of the bilateral lenders, and Karen Tan for Hong Leong Islamic.
Counsel Mak Lin Kum appeared for Serba Dinamik Holdings as well as its three subsidiaries — Serba Dinamik International Ltd based in Labuan, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd.
Last month, theedgemarkets.com reported that Serba Dinamik Holdings and its three subsidiaries were served with winding up petitions from six financial institutions involved in providing RM1.2 billion in syndicated term financing.
The creditors are of the view that Serba Dinamik Holdings is unable to pay its debts as per Section 465(1)(e) and Section 466(c) of the Companies Act 2016, taking into account the company's current, contingent and prospective liabilities.
Last week, Nadzarin fixed the June 8 hearing date as mentioned.
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June 8 fixed to hear creditors' application to appoint interim liquidator and Serba Dinamik's application to cross-examine winding-up petition