GEORGE TOWN, Oct 16 -- The hearing of a winding-up petition (Enclosure 1) and an application for a stay of the winding-up petition (Enclosure 12) was heard today before YA Dr. Suzana binti Muhamad Said at the High Court of Penang, in Companies (Winding-up) Petition No. PA-28NCC-85-07/2024.
The Honourable High Court Judge YA Dr Suzana binti Muhamad Said after hearing and considering the submissions by both parties, held that there were no special circumstances warranting a stay of the winding up proceedings. The Court ruled that the judgment debt of RM 14,471,137.44 together with interest is conclusive debts.
Accordingly, YA Dr Suzana has dismissed the Respondent's application for stay of the winding up petition (Enclosure 12) with costs of RM 10,000.00 to be paid by the Contributories, ie. Goh Choon Kim and Ong Ah Poh, and further allowed the winding up of GTM Land & Property Sdn Bhd with costs of RM15,000.00 to be paid out of the assets of GTM Land & Property Sdn Bhd.
The petition was filed by Global Tobacco Manufacturing (International) Sdn Bhd ("the Petitioner") against GTM Land & Property Sdn Bhd ("the Respondent") who owns the land known as No. 3406, Jalan Machang Bubok 2, 14000 Bukit Mertajam held under Geran No.155028, Lot No. 30056, Mukim 15, Seberang Perai Tengah, Pulau Pinang, on which “Vangohh Eminent Hotel” is erected, arising from the Respondent’s failure to pay the judgment debt of RM 14,471,137.44 together with interest pursuant to a judgment dated 4-12-2023 granted by the Honourable High Court Judge Dato' Anand Ponnudurai which is affirmed by the Court of Appeal on 6-9-2024 and their leave to appeal to Federal Court is dismissed by Federal Court on 20-3-2025.
Global Tobacco Manufacturers (International) Sdn. Bhd. and GTM Land & Property Sdn. Bhd. entered into a Memorandum of Understanding (MOU) dated 11-1-2011 and a Joint Venture Agreement (JVA) dated 26-11-2012 to develop a land belonging to Global Tobacco Manufacturers (International) Sdn. Bhd., ie. Geran No. Hakmilik 19153, 19154, Geran Mukim No. 14 & 15, Lot No. 1112, 1113, 1205 and 1207 respectively, all in Mukim 15, Daerah Seberang Perai Tengah, Penang. Both parties developed the said land jointly into residential/commercial development which is known as “Tropicale Residency”.
Pursuant to the said MUA and the said JVA, Global Tobacco was entitled to a sum of RM25,454,660.00 as consideration with lots/units allocated to it. However, the ledger of Global Tobacco reveals that the GTM Land & Property Sdn. Bhd. has merely made part payment to Global Tobacco, leaving a balance due and owing of RM 14,471,137.44.
Chan Eng Leong（middle） and the legal team Ms. Karin Lim Ai Ching（second left）, Nick Tan Wei Ceat, Low Kai Xin, and Kelvin Leong Chun Fai.
On 4-12-2023, the learned Honourable High Court Judge in Penang, YA Dato' Anand Ponnudurai has granted summary judgment against GTM Land & Property Sdn Bhd for RM14,471,137.44 together with interests and costs in favour of the Global Tobacco Manufacturers (International) Sdn Bhd. The Court of Appeal has further on 6-9-2024 affirmed the High Court Judgment and Federal Court on 20-3-2025 further dismissed their leave to appeal to Federal Court.
Counsel appearing for the Petitioner, Global Tobacco Manufacturers (International) Sdn. Bhd., were Ms. Karin Lim Ai Ching, Nick Tan Wei Ceat, Low Kai Xin, and Kelvin Leong Chun Fai.
Counsel appearing for the Respondent, GTM Land & Property Sdn. Bhd., were David Thomas Mathews and Prem Anand A/L Ramasamy.
