Impiana Hotels’ unit escapes winding up petition over unpaid sum relating to resort redevelopment

• Last month, Impiana obtained legal advice besides announcing its intention to contest the winding-up petition vigorously, having noted that Impiana Cherating is able to settle the amount claimed and that there is no need to liquidate the assets of Impiana Cherating to settle the amount

KUALA LUMPUR (Dec 2): Impiana Hotels Bhd has announced that the winding up petition served by Axventure Sdn Bhd over an unpaid sum amounting to RM2.26 million relating to a resort redevelopment has been amicably resolved.

In a bourse filing on Friday (Dec 2), Impiana said Axventure on Friday (Dec 2) filed a notice of discontinuance to discontinue the petition against Impiana’s wholly-owned subsidiary Impiana Cherating Sdn Bhd with liberty to file afresh.

It comes just days before a case management via e-review on the matter, which had previously been fixed on Dec 13.

Last month, Impiana obtained legal advice besides announcing its intention to contest the winding-up petition vigorously, having noted that Impiana Cherating is able to settle the amount claimed and that there is no need to liquidate the assets of Impiana Cherating to settle the amount.

Impiana Cherating had earlier this year been served an adjudication claim from Axventure for work done until 2020 relating to Phases 1 and 2 of the redevelopment of Impiana Resort & Residences Cherating.

Subsequently, Axventure had on Aug 26 served Impiana Cherating a notice of demand over an outstanding sum of RM2.26 million, comprising the adjudication sum of RM2.25 million, together with costs awarded by the High Court.

The winding up proceedings were then commenced after the RM2.26 million unpaid sum was not fulfilled.

Impiana’s current book value investment in Impiana Cherating is RM72.58 million, according to its Nov 10 bourse filing.

Impiana’s share price finished 20% or half a sen lower at two sen on Friday, bringing the group a market capitalisation of RM28.89 million.