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Landmark decision on first airline debt restructuring scheme due to COVID-19

AirAsia X Berhad v BOC Aviation Limited (Originating Summons WA-24NCC-467-10/2020). Summary On 19 February 2021 Judicial Commissioner Ong Chee Kwan allowed AirAsia X (AAX) Berhad s application under Section 366 of the Companies Act 2016 for leave to convene creditors meetings to consider and approve an arrangement scheme. However, the judge disagreed with AAX s division of the scheme creditors into two classes: Class A – secured creditors; and Class B – unsecured creditors. The judge agreed with the submissions from the counsel for Malaysia Airports and the counsel for the lessors and held that: the lessors of lease agreements with AAX must be treated as unsecured creditors and placed in Class B; and

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AAX, Careplus, PetDag, Malakaoff, Malaysia Smelting, Luxchem, Genetec, AwanBiru, SMTrack, Pimpinan Ehsan and MyEG

AAX, Careplus, PetDag, Malakaoff, Malaysia Smelting, Luxchem, Genetec, AwanBiru, SMTrack, Pimpinan Ehsan and MyEG
theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.

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AAX wants to set aside BOC Aviation foreign judgement demanding the carrier pay US$23 3m

KUALA LUMPUR (Dec 30): AirAsia X Bhd (AAX) and AAX Leasing Two Ltd has applied to set aside the foreign judgement obtained by BOC Aviation Ltd in the High Court of Justice, Business and Property Courts of England and Wales in November, which is enforced in the Malaysian courts here on Dec 7. The matter came up for case management before High Court deputy registrar Norazlin Othman today. She gave several directions for parties to file affidavits and fixed April 12 for the probable hearing of AAX and the other company s application. BOC Aviation, which is represented by counsel Kwan Will Sen of Messrs Lim Chee Wee Partnership, is objecting to AAX s application to set aside the enforced judgement on the grounds that there is no restraining order obtained by the airline, as it sought a scheme hearing at another High Court.

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Judiciary introduces e-Bicara system for paperless proceedings in civil, criminal appeals

PETALING JAYA: The Malaysian judiciary has introduced a paperless system for the hearing of civil and criminal appeals at the High Court of Malaya through the e-Bicara system. In a statement, the Federal Court s Chief Registrar s Office said the system will be implemented in stages in the Malayan High Courts and the lower Malayan courts. With the e-Bicara system, all copies of documents that the parties want to refer to the court are soft copies displayed on a LED television screen using a wireless presenter. “The Malaysian Judiciary believes this initiative is among the substantive improvement efforts for the judiciary that emphasises the use of technology in hearing cases, apart from preserving the ecosystem by reducing the use of paper and also ensuring that the community has access to justice, ” the Registrar said in a statement Saturday (Dec 12).

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