JUDGMENT

Introduction

[1] The appeal before us emanates from two appeals before the Court of Appeal involving three suits filed at the High Court. The first was Suit No: 22NCC-375-2009 (Suit 375) between the plaintiffs (Abdul Razak Sheikh Mahmood, Kamil Azman Abd Razak, Kalsombi VK Majid and Excel Beat Sdn Bhd) and the defendants (Amanah Raya Berhad, Amanah Raya Capital Sdn Bhd and Amanah Raya Investment Management Sdn Bhd). Parties had agreed to settle their disputes in Suit 375 which culminated in a Consent Judgment recorded on 28 July 2010.

[2] The same plaintiffs then filed Suit No: 22NCC-650-04-2012 (Suit 650) against the same defendants for alleged breaches of the Consent Judgment. The defendants counterclaimed for a declaration to be released from any obligation to enter into a joint venture agreement (JV Agreement) pursuant to the Consent Judgment, and for the refund of purchase consideration made to the plaintiffs for two pieces of land. The claim of the plaintiffs was dismissed and the counterclaim was allowed by the High Court. The plaintiffs lodged an appeal in Appeal No: W-02(NCC)(W)-547-04-2015 (Appeal 547) against the decision in Suit 650, at the Court of Appeal.