KUALA LUMPUR Feb 24 - On Thursday 17 Feb 2022, 4 Serba Dinamik subsidiaries applied to the High Court for an order to appoint an Interim Judicial Manager. The hearing was postponed to Monday 21 Feb 2022.
HSBC Bank Malaysia Berhad, HSBC Bank Amanah Berhad (together with 5 other syndicated lenders), Hong Leong Islamic Bank Berhad applied to intervene in the judicial management application of Serba Dinamik Group Berhad. The company did not oppose these intervener applications.
HSBC Bank Amanah Berhad (together with 5 syndicated lenders) and HSBC Bank Amanah Berhad (in another loan capacity) applied to intervene in the judicial management application of Serba Dinamik Sdn Bhd.
For the applications of SD Controls Sdn Bhd and SD Development Sdn Bhd, no person claiming to be a creditor applied to intervene.
Mr Benjamin Dawson for HSBC Amanah explained that HSBC’s position is to prefer the appointment of judicial managers but requested the Court to hear all 4 applications together despite not having applied to be a party in 2 of the applications.
His stand was supported by Datin Jeyanthini also acting for HSBC Amanah in another loan together with a syndicate of lenders. HSBC wants time to be given to nominate their preferred candidate but did not offer a reason as to why Serba’s candidate was not suitable for HSBC.
Mr Mak Lin Kum requested for appointment of the interim judicial manager over SD Controls and SD Development first at least for the purpose of drawing up reports for the Court.
Mr Mak stressed that it is important for an interim judicial manager to at least report on the operational status of these companies first.
This was opposed by HSBC although they were not interveners for these 2 companies.
The other banks did not oppose and did not support the immediate appointment of an interim judicial manager over SD Controls and SD Development but requested for time to take instructions.
When contacted, Serba Dinamik explained that their choice of candidate for judicial managers was based on track record of successful judicial management engagements being a critical factor.
The judicial manager candidates have in other engagements successfully navigated those other companies towards making repayments to their creditors within a quick time frame.
HSBC explained that it was not their intention to delay rehabilitation efforts that must be undertaken by the Serba group.
In this regard, they had joined the companies in asking for a quick hearing date.
The next hearing date is fixed for 3 March 2022 to decide on the appointment of an interim judicial manager for all 4 companies. - DagangNews.com
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