GDB Holdings Bhd’s wholly-owned subsidiary, Grand Dynamic Builders Sdn Bhd (GDBSB), has applied to intervene in court proceedings involving a proposed scheme of arrangement for Damai City Sdn Bhd, which is under receivership and liquidation.
GDB said it was informed by its solicitors that Damai City’s receivers and managers had filed an originating summons at the Kuala Lumpur High Court seeking permission to proceed with the proposed scheme.
The receivers and managers are seeking leave to commence the proceedings pursuant to an earlier High Court order dated May 13, 2024.
Subject to obtaining that permission, they are also seeking the court’s approval to convene meetings with a specified group of Damai City creditors.
If the proposed scheme receives the necessary approval at the creditors’ meetings, the receivers and managers intend to seek the court’s approval for the scheme of arrangement and compromise.
GDB said Damai City’s liquidators, Lim Tian Huat and Chiang Teng Guan of Rodgers Reidy & Co, filed an application on Sept 22 seeking leave to intervene in the proceedings.
GDBSB subsequently filed its own application for leave to intervene on Sept 24.
