Xingang Investment Pte Ltd & Anor v Lai Jianling
Catchwords
Practice Areas
Judges (1)
Counsel (3)
Case Significance
Xingang Investment Pte Ltd and another v Lai Jianling [2024] SGHC 93 was a reserved judgment of the General Division of the High Court of Singapore delivered on 2 April 2024 by Choo Han Teck J, in Originating Application No 27 of 2024. The matter arose under Order 13 of the Rules of Court 2021 and concerned the immovable property at 23 Akyab Road, The Pavilion #19-01, Singapore 309978. The first claimant, Xingang Investment Pte Ltd, was an excluded moneylender under s 2(e)(iii) of the Moneylenders Act 2008 (2020 Rev Ed) that lent money only to corporations, and the second claimant, Wang Joo Shi, was its director. The first claimant had entered into a written loan agreement with Zhongsen Trading Pte Ltd dated 8 August 2023 for a loan of $800,000.00. The defendant, Lai Jianling, and her husband, who were directors and shareholders of Zhongsen Trading Pte Ltd, each executed a Deed of Guarantee guaranteeing repayment of the loan, interest and all moneys payable under the agreement. As the sole registered owner of the property, the defendant also executed a power of attorney in favour of the second claimant, which was registered and deposited in the Registry of the High Court in HC/PA 5222/2023 under s 48 of the Conveyancing and Law of Property Act 1886 (2020 Rev Ed) and O 26 r 4 of the Rules of Court 2021. The catchwords record that the case concerned a mandatory injunction. The claimants were represented by Aquinas Law Alliance LLP, with the judgment referencing the Conveyancing and Law of Property Act.
Summary
Xingang Investment Pte Ltd, an excluded moneylender, and its director sought a mandatory injunction to compel Lai Jianling to comply with a power of attorney that permitted the sale of her property following an alleged default by borrower Zhongsen Trading Pte Ltd under an $800,000 loan that Lai had guaranteed. The General Division of the High Court considered whether such a mandatory injunction should be granted given that the sale of the property would be irreversible. The court held that the claimants should first obtain judgment on the default before seeking so onerous a remedy and that serious damage had not been shown, dismissed the application with liberty to apply once a judgment debt was available, and made no order as to costs.
What was Xingang Investment Pte Ltd v Lai Jianling [2024] SGHC 93 about?
It was a General Division of the High Court matter, decided 2 April 2024 by Choo Han Teck J, concerning a mandatory injunction in relation to property at 23 Akyab Road, The Pavilion #19-01, arising from a $800,000 loan by excluded moneylender Xingang Investment Pte Ltd to Zhongsen Trading Pte Ltd.
What security supported the loan in [2024] SGHC 93?
Under the loan agreement dated 8 August 2023, the defendant Lai Jianling and her husband each executed a Deed of Guarantee for repayment, and as sole registered owner of the property she executed a power of attorney in favour of the second claimant, registered in HC/PA 5222/2023 under the Conveyancing and Law of Property Act 1886.
Statutes Cited
Cases Cited (1)
Referenced in
Statutes interpreted in this judgment
Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 93)