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- The scheduled hearing of the petition filed by Wisma Majujaya Sdn Bhd has been deferred to Jan 20, 2026, after Bina Puri filed a last-minute stay of proceedings, citing the group’s scheme of arrangement.
SHAH ALAM (Oct 31): A company that had in February this year obtained a summary judgment against Bina Puri Holdings Bhd (KL:BPURI) for owing it RM28.1 million, has filed a winding-up petition over the unpaid debt.
However, the scheduled hearing of the petition filed by Wisma Majujaya Sdn Bhd has been deferred to Jan 20, 2026, after Bina Puri filed a last-minute stay of proceedings, citing the group’s scheme of arrangement.
Wisma Majujaya Sdn Bhd had filed the petition in April through Messrs Lim Chee Wee Partnership.
It alleged that Bina Puri was served the summary judgment in March, but had refused or neglected to pay the sum which had come to RM30.019 million following interest.
As payment was overdue past the 21 days from the date of judgement, Wisma Majujaya had applied, by operation of Section 466 (1) (a) of the Companies Act 2016 (CA), to have Bina Puri wound-up under Section 465(1) (e) of CA and for an official receiver to be appointed as liquidator and for the cost of this application.
With the matter scheduled to be heard before Judicial Commissioner Datuk Raja Rozela Raja Toran this month, Bina Puri this week filed an application seeking a stay of the hearing of the petition through Messrs Tan Norizan and Associates. It was at this point that Bina Puri informed the court that the group had been undergoing restructuring and seeking a scheme of arrangement.
A scheme of arrangement is a court-approved agreement between a distressed company and its creditors or shareholders to restructure debt and revive the company.
In the application filed on Oct 29, Bina Puri sought a restraining order under Section 368 of the CA to facilitate a proposed scheme that would comprise its financial and trade creditor claims up to June 30, 2025.
In an affidavit, Bina Puri chief executive officer Goh Kee Lun, who is also an executive director, said the construction and property group’s balance-sheet was solvent, under a professionally supervised restructuring, and it had filed for a restraining order to table a single-class scheme of arrangement.
It then sought a stay of the Shah Alam proceedings, saying that it had engaged PricewaterhouseCoopers Advisory Services Sdn Bhd (PwCAS) on April 8 to lead a three-phase group-wide exercise, and has since been admitted on Aug 7 into Bank Negara Malaysia’s Corporate Debt Restructuring Committee (CDRC) programme.
On admission, Goh added that the CDRC had requested for an informal standstill from Bina Puri’s principal financiers—including AmBank, Bangkok Bank, EXSIM Bank, Kuwait Finance House, Maybank, RHB and UOB—with meetings held on Sept 8 and Sept 29 to advance a debt rationalisation plan.
“The conceptual plan targets an estimated 90% recovery for creditors versus about 20% in a liquidation scenario, supported by projected cash flows and contributions from ongoing and newly secured projects.
“Bina Puri contends that liquidation would fracture creditor coordination under PwCAS and the CDRC, depress asset recoveries and risk wider market fallout, given its listed status, including potential trading suspension, delisting and cross-defaults. It submits that winding-up is a remedy of the last resort, and asks that the petition be held in abeyance pending determination of the restraining-order application and the convening of scheme creditors’ meetings,” Goh said.
The case was called up before Raja Rozela via online proceedings on Friday (Oct 31), where hearing of the petition was subsequently deferred to Jan 20, 2026.
According to Wisma Maju Jaya’s counsel Kwan Will Sen, a scheme of arrangement for Bina Puri has been fixed before the KL High Court for Nov 18.
Following Friday’s adjournment, RM1,000 in costs was imposed on Bina Puri by Raja Rozela, to be paid to Wisma Majujaya.
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