Ireka Corp sued by RHB Bank over RM6.53m payment default
Over the past one year, Ireka has been hit with at least two other lawsuits over defaults in payment.
Over the past one year, Ireka has been hit with at least two other lawsuits over defaults in payment.
The shares represent a 19.
In a filing to Bursa Malaysia, Ireka said it has received the winding-up petition on Jan 8 served by AmBank via its solicitors, Messrs Heiley Hassan, Tan & Partners.
Baker Tilly Monteiro Heng PLT noted that as at June 30, Ireka’s current liabilities exceeded its current assets by RM48.
The project is to be developed on a 16,517 m2 freehold vacant land in Bandar Kajang, which is owned by Regal Variety.
Ireka noted that the termination does not result in any adverse material or favourable financial impact on the company as IECSB is placed under an interim judicial manager as granted by the Kuala Lumpur High Court on Aug 8, 2022.
"The group is undergoing a transition phase as we focus on our efforts to address the PN17 status.
Ireka said the dispute is related to a JV agreement dated Dec 31, 2009, entered between the company, ASPL M9 Ltd, and Urban DNA Sdn Bhd (UDNA) with the primary objective of overseeing the development of the RuMa project.
Ireka said its wholly-owned subsidiary, Ireka Development Management Sdn Bhd), accepted a Letter of Award from WPPSB on Thursday (Nov 3) to jointly undertake the development of 131 units of double-storey terrace houses and 16 units of three-storey terrace houses on the 12.
KUALA LUMPUR (March 1): Ireka Corp Bhd has joined 26 other affected listed issuers under Practice Note 17 (PN17) after Bursa Malaysia Securities Bhd (Bursa Securities) rejected the company's application to extend the relief period, which ended on Feb 26.