ABCOM PTE LTD v TRANSASIA PRIVATE CAPITAL LIMITED & Anor

[2023] SGHC 242 High Court (General Division) 31 August 2023 HC/OA 261/2023

1 cases cited

Key facts

Court	High Court (General Division)
Decided	31 August 2023
Judge	Philip Jeyaretnam
Charges / claim	Insolvency Law, Credit And Security
Counsel	Niru & Co LLC, Oon & Bazul LLP, Chan Cong Yen Lionel (Chen Congren), Chang Guo En Nicholas, Liew Teck Huat, Winarta Chandra

Source: [2023] SGHC 242, High Court (General Division), decided 31 August 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Insolvency Law — Winding up — Statutory Demand Credit And Security — Remedies — Winding-up — Injunction to restrain bringing of winding up application

Practice Areas

Insolvency Law Credit And Security

Judges (1)

Philip Jeyaretnam Delivered

Counsel (6)

Niru & Co LLC Firm Oon & Bazul LLP Firm Chan Cong Yen Lionel (Chen Congren) Counsel for the defendant

Chang Guo En Nicholas Counsel for the defendant

Liew Teck Huat Counsel for the claimant

Winarta Chandra Counsel for the defendant

Parties (3)

Abcom Pte Ltd Claimant

TA Private Capital Security Agent Limited Defendant TransAsia Private Capital Limited Defendant

Case Significance

Abcom Pte Ltd v TransAsia Private Capital Ltd and another [2023] SGHC 242 is a grounds of decision of Philip Jeyaretnam J in the General Division of the High Court, delivered on 31 August 2023 in Originating Application No 261 of 2023. The claimant, Abcom Pte Ltd, a Singapore company and borrower under a facility agreement dated 13 August 2019, sought an injunction to restrain the first defendant, TransAsia Private Capital Limited, a Hong Kong fund manager, from bringing a winding up application, asserting that it disputed the debt in good faith and that the underlying loan was unenforceable under the Moneylenders Act 2008. When the application was heard on 27 July 2023, Philip Jeyaretnam J dismissed it, and the claimant appealed on 10 August 2023.

Summary

Abcom Pte Ltd, a borrower under a facility agreement with lender TransAsia Private Capital Limited and a security agent, applied for an injunction to restrain the defendants from bringing a winding up application against it. Abcom argued it disputed the debt in good faith and that the loan was unenforceable under the Moneylenders Act 2008, and it invoked an alleged six-month moratorium. The High Court found Abcom raised no triable issues and did not genuinely dispute the debt, and dismissed the application.

What was Abcom Pte Ltd v TransAsia Private Capital Ltd [2023] SGHC 242 about?

It was an application by Abcom Pte Ltd before Philip Jeyaretnam J for an injunction to restrain TransAsia Private Capital Limited from bringing a winding up application, on the basis that the debt was disputed in good faith and the underlying loan unenforceable under the Moneylenders Act 2008.

What was the outcome in [2023] SGHC 242?

Philip Jeyaretnam J dismissed Abcom Pte Ltd's application for the injunction when it was heard in the General Division of the High Court on 27 July 2023, and the claimant appealed against that decision on 10 August 2023.