KUALA LUMPUR (Sept 22): The High Court today allowed a three-month extension of the restraining order obtained by Top Builders Capital Bhd (formerly known as Ikhmas Jaya Group Bhd) against its creditors.
With the extension, the order that restrains Top Builders’ creditors from taking action against the group and its assets is now valid until Dec 31.
Judicial Commissioner Ong Chee Kwan, who granted the extension, also fixed Nov 25 to hear the group’s sanction application to approve a scheme of arrangement.
In a filing with Bursa Malaysia on Aug 28, Top Builders said the scheme of arrangement presented in a court-convened creditors’ meeting had been approved by the requisite majority in value of the creditors present.
The court orders to restrain its creditors from taking action against the group and its assets, as well as summon them to attend the meeting for its restructuring, were obtained by Top Builders on Dec 31 last year.
The orders cover the piling and engineering group, its wholly-owned subsidiary Ikhmas Jaya Sdn Bhd and indirect wholly-owned unit Ikhmas Equipment Sdn Bhd.
The orders under the Companies Act 2016 were obtained as part of Top Builders' overall restructuring and rehabilitation plan by way of a scheme of arrangement with its creditors.
The group has appointed Ernst & Young PLT as its financial adviser to assist in the scheme of arrangement.
Top Builders was represented today by counsel Lee Shih and Pang Huey Lynn.