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Understand your situation. Did you call MoM and have a chat around this? Don't worry, I don't think student pass approvals should be problem...Should come through soon. Maybe Beppi will have more idea about student pass applications.

I called. The officer I talked to couldn't disclose any info on my extension request. He said it's in process. He also said the result of the extension request depends on the officer who processes the request.
May be someone here in this forum can help to answer the question I raised at the end of my initial post.
Thanks in advance !

You are correct: Not (or not yet) having a continuing visa isn't a valid reason to extend your STVP, but travel restrictions is. So book a flight within two weeks after your STVP expiry and ask the ex-employer to apply for the STVP extension.
(Under current circumstances, once you leave the country your student pass application might also be voided and you cannot come back. Why the hell did you resign from your job before your next pass was approved???)

Thanks for your answer, @beppi. Your point is absolutely correct. Giving up my S Pass before I get my student pass approved is the biggest REGRET of my life. I blame myself for this.

Then, let's say my current extension request is rejected cos my flight booking date is after 2 weeks of STVP expiry date. Then, I can make another booking date which is within 2 weeks. Then, it shouldn't be no problem, right.
Thanks.

As far as I know, they don't extend for more than two weeks. So it is better to book it within two weeks from the expiry date in the first place.