KUALA LUMPUR (June 8): Friday will be the decision day on the application by CLIQ Energy Bhd’s largest shareholder, Best Oracle Sdn Bhd, to strike out a petition to wind up the special purpose acquisition company,

Judicial Commissioner Noorin Badaruddin fixed the date after hearing submissions from CLIQ Energy and Best Oracles at the High Court today.

Best Oracles, which owns 20% of CLIQ Energy, is seeking to strike out the petition filed by CLIQ Energy to dissolve the company and begin the liquidation process.

Best Oracles’ counsel Shamsul Bahrin Manaf argued in court today that CLIQ Energy should to let the shareholders vote on the winding up decision, before proceeding to file the petition in court.?

However, CLIQ Energy's counsel Wong Kah Hui contended there is no necessity for the members to take a vote, because this is an involuntary winding up.

CLIQ had filed the petition on April 25 to wind up CLIQ under Section 218(1)(h) of the Companies Act, 1965.

In May, Best Oracle, made up of CLIQ’s management team, failed in its bid to obtain leave from the High Court for a judicial review to stop the liquidation process. It has filed an appeal, and this morning received a letter from the Court of Appeal to conduct the case management of the matter tomorrow.

CLIQ's management team comprises chief executive officer Ahmad Ziyad Elias, executive director Kamarul Baharin Albakri, exploration vice president Dr Chang Kok Lip, development and production vive-president Kamaroll Zaman Abdul Aziz and business development vice-president Tengku Daud Shaifuddin Tengku Zainudin.

The legal debacle began after CLIQ failed to get an extension of time from the Securities Commission to complete its proposed qualifying acquisition (QA) of a 51% stake in a special purpose vehicle that will host Phystech Firm LLP's two onshore Kazakhstan oilfields for US$110 million.

According to the equity guidelines, it has to return 90% of the proceeds raised from its initial public offering (IPO), which totalled RM355.72 million as at Feb 12, to its IPO shareholders.