SHAH ALAM (Nov 10): The High Court has granted VLA Architects Sdn Bhd an interim extension of a restraining order, until Jan 25, 2027, pending the hearing and full disposal of the main extension application in the winding-up proceedings of Maju Holdings Sdn Bhd.
Maju Holdings was initially granted the restraining order under Section 368 of the Companies Act 2016 on Sept 8, which expired on Nov 6. Section 368 allows the court to grant a moratorium restraining proceedings against a company, giving it room to propose and finalise a scheme of arrangement with its creditors without the threat of legal action.
On Nov 5, High Court judge Datuk Khamsiah Anita Harun granted the interim extension to protect Maju Holdings from creditor actions while the court hears the merits for and against granting a formal long-term extension.
The restraining order stems from an originating summons filed on Sept 2, 2026, by VLA Architects, a creditor of Maju Holdings. The draft order allows VLA Architects to convene meetings with Maju Holdings' creditors to consider a proposed scheme of arrangement and restrains legal actions, including winding-up proceedings, against the company.
Sources close to the matter informed The Edge that the scheme of arrangement meeting had been passed with 81% of the votes.
This latest moratorium marks the third time the winding-up petition has been stalled by corporate rescue applications since its filing in 2023. Proceedings have been complicated by previous court rulings, including a June order requiring prior permission for judicial management applications and an August interim order restraining Maju Holdings from making applications capable of triggering automatic moratoria.
The original winding-up petition was brought by creditor Bridgex Sdn Bhd in 2023. Hearing for the matter was scheduled for Wednesday (Nov 11), but has been hampered by the ongoing restraining order.