s 392 Court’s power to annul bankruptcy order
392.—(1) The Court may annul a bankruptcy order if it appears to the Court that —(a) on any ground existing at the time the order was made, the order ought not to have been made; (b) to the extent required by the regulations, both the debts and the expenses of the bankruptcy have all, since the making of the order, either been paid or secured for to the satisfaction of the Court; (c) proceedings are pending in Malaysia for the distribution of the bankrupt’s estate and effects amongst the creditors under the bankruptcy law of Malaysia and that the distribution ought to take place there; or (d) a majority of the creditors in number and value are resident in Malaysia, and that from the situation of the property of the bankrupt or for other causes the bankrupt’s estate and effects ought to be distributed among the creditors under the bankruptcy law of Malaysia. (2) An application to annul a bankruptcy order under subsection (1)(a) must be made to the Court within 12 months after the making of the bankruptcy order, unless the Court gives permission for the application to be made later.[Act 25 of 2021 wef 01/04/2022] (3) The Court may annul a bankruptcy order whether or not the bankrupt has been discharged from the bankruptcy. (4) Where the Court annuls a bankruptcy order under this section, any sale or other disposition of property, payment made or other things duly done by or under the authority of the Official Assignee or by the Court is valid, except that the property of the bankrupt vests in such person as the Court may appoint or, in default of any such appointment, reverts to the bankrupt on such terms as the Court may direct. (5) The Court may include in its order such supplemental provisions as may be authorised by the Rules.