Sariwangi and Its Subsidiaries Fall Bankrupt

Yanuarius Viodeogo

JAKARTA – Sariwangi Group and its subsidiary Indorub Sumber Wadung Plantation Airline were declared bankrupt by the Central Jakarta Commercial Court because both were judged to have neglected not to pay debts to the Bank Industrial and Commercial Bank of China (ICBC) Indonesia.

The Panel of Judges chaired by Abdul Kohar in his ruling granted the request for the cancellation of homologation of peace submitted by ICBC Bank Indonesia so that the two tea leaf producers were declared bankrupt.

"The panel of judges found no evidence that the respondent paid the debt to the applicant so that it was declared negligent and the applicant who applied for the cancellation of homologation should be granted. After this the court appointed a supervisory judge and appointed a curator for the bankruptcy of this case," Abdul said in his decision on Tuesday (16/10).

After the trial, Iim Zovito Simanungkalit as the legal representative of MP Indorub Sumber Wadung expressed disappointment at the decision of the Panel of Judges.

He said, the court granted the applicant's request and declared the bankruptcy of his client Sariwangi as the respondent I and Indorub as the respondent II bankruptcy so that he will file a cassation memory as the next legal step of objection.

"Yes, Sariwangi and Indorub were declared bankrupt because our payment was not considered then we later cassation. In fact, we have made payments as in the agreement and the amount is very significant Rp4.5 billion," said Iim.

He explained, Indorub has made payments in December 2017 to 2018 to ICBC Bank. Iim also claimed, Indorub helped pay Sariwangi's debt to ICBC Bank.

"Actually have closed the debt donk, meaning there is already a payment. In the meantime, for cassation, we will have more discussions [masing-masing tergugat] but we are actually bearing each other's debts," he said.

Previously, Iim said if both companies were declared bankrupt it would harm its clients because the operation and production of the garden is still running. He said that the tea plantation farmers are still working, there is no arrears of wage payments to farmers until the payment of holiday allowances to workers.

Separately, ICBC Bank's attorney Swandy Halim said that the decision to cancel the homologation request submitted by his client, received by the court was appropriate and appropriate.

"It is appropriate and in accordance with our request. If they want cassation, that's the right thing to do. To be sure, Sariwangi never paid a debt to us. While Indorub is in debt with ICBC and has debt dependents from Sariwangi," he said.

He explained that the debtor should after the homologation agreement is established, he must pay his debt obligations from October 9, 2015 to October 9, 2016, along with interest on the debt.

Nevertheless, according to him, the interest on the debt for 12 months can be delayed until October 9, 2016 but the interest will continue for the next 12 months or November 9, 2017. Interest for 12 months, swandy said, was also not paid by the debtor. Swandy said that there is indeed a payment after 12 months by shrinking the payment starting december 2017.

However, the payment is late and does not comply with the homologation agreement that the payment must be on time. Meanwhile, said Swandy, when both are considered two parties but the debt receivable belongs to one group and bear each other and if one does not pay then the other must pay one of the parties.

MP Indorub Sumber Makmur together with Sariwangi Group filed for the cancellation of peace homologation by ICBC because it is considered not to pay off debts after grace period or peace treaty period of September 22, 2017 ends.Icbc Bank asked the two to carry out an order from the Jakarta Commercial Court to pay off their debts after the PKPU process was decided in peace with the case numbered 38/Pdt.Sus/PKPU/2015 PN.Jkt.Pst, valid and for the sake of the law ended, on October 2, 2015.Known, MP Indorub Sumber Wadung has a bill of Rp35.71 billion covering, bills from separatist creditors reached Rp31.5 billion, 19 concurrent creditors Rp3.28 billion, and preferential creditors Rp922.81 million.

Sariwangi as much as Rp1.05 trillion. The details, receivables bills from five separatist creditors amounted to Rp719.03 billion, 59 concurrent creditors Rp334.18 billion, and one creditor preferred Rp1.21 billion. (Indonesian Business)





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