The Central Jakarta Commercial Court has decided the case for the cancellation of a PT Bank ICBC Indonesia peace agreement (homologation) against PT Sariwangi Agricultural Estate Agency and PT airlines Indorub Sumber Wadung Plantation.
According to ICBC Swandy Halim's attorney, the judge granted ICBC's request and stated that the two companies were bankrupt. The decision was read on Tuesday, October 16 2018.
"Bankruptcy was decided. The decision was in accordance with our request, because from the peace agreement, they promised to pay interest and also the principal, but in fact they never paid, Indorup is not paying more than a year, then paying in installments, but it is in default if so, "
He said with the decision, the assets of the two companies would be auctioned and distributed to creditors. "If there is a bankruptcy there is a curator, then the curator who is auctioning off the existing assets will then share to the creditor," he said.
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According to him, even though the case had been decided, it had not discussed the results of the court's decision with the two companies.
"Until now the talks with Sariwangi did not yet exist, because they never attended the trial," he said.
It was known that Bank ICBC and Sariwangi and Indorup Plantations had previously achieved peace in the process of delaying debt repayment obligations in September 2015. However, according to the agreement, Sariwangi and Indorup never paid their debts and interest until finally ICBC sued the two companies for bankruptcy.
Based on ICBC records until October 24, 2017 Sariwangi has debts worth Rp. 288.93 billion and Indorup Rp. 33.82 billion. The bill includes interest that must be paid by Sariwangi and Indorub.