SERBA Dinamik Holdings Bhd (SDHB) and its three subsidiaries today obtained an ad interim stay of the winding-up order granted by the High Court against them.

Judge Ahmad Murad Abdul Aziz also ordered that the appointed interim liquidator be retained until the disposal of the full stay application.

The judge then fixed March 6 to hear a permanent stay’s application of the wind-up order and March 9 for decision.

Murad made the decision in proceedings conducted online. Lawyers Malik Imtiaz, L.K. Mak, Wong Ming Yen and Sandra Tan acted for Serba Dinamik and the subsidiaries as the applicants.

On January 10, the court allowed a petition filed by six financial institutions to wind up SDHB and its subsidiaries – Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL).

The six financial institutions acting as the suit’s petitioners are Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd.

The four companies are said to have a total debt of nearly RM5 billion.

On January 30, the Serba Dinamik companies filed a motion for a stay of the winding-up order, pending their appeal to the Court of Appeal.

In their affidavit supporting the motion for a stay, Serba Dinamik and the subsidiaries said the winding-up order should be deferred, pending the disposal of the appeal to the Court of Appeal and the appeal against their application to seek an adjournment of the winding-up hearing.

They said if a stay of the winding-up order is not granted, the four companies will suffer irreparable damage, which would see their contracts being terminated upon winding up, which, they claimed, is irrecoverable. – Bernama, February 10, 2023.