Bankruptcy claim against Davomas pulled<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court has approved a
\nrequest made by American Express Bank of Jakarta to withdraw an
\ninsolvency petition against the publicly-listed cocoa producer PT
\nDavomas Abadi.<\/p>\n
Hotman Paris Hutapea of Makarim and Taira S. law firm, who is
\nacting on behalf of Davomas, said the court had approved the
\nrequest after learning that the bank and PT Davomas had reached
\nan agreement to settle the debt outside court.<\/p>\n
\"Amex and Davomas have reached a deal to settle the debt
\nbilaterally outside court so there is no need for the case to go
\nany further,\" he said after a closed hearing on Wednesday.<\/p>\n
However, presiding judge Ch. Kristi Purnami Wulan, who chaired
\nthe session, declined to disclose the court's decision on the
\nmatter.<\/p>\n
\"There is no need for the press to know our decision,\" she
\nsaid.<\/p>\n
Wednesday's hearing was the first closed hearing held at the
\ncommercial court since it first began to enforce the country's
\nambitious new bankruptcy law in August.<\/p>\n
The American Express Bank of Jakarta began legal proceedings
\nagainst PT Davomas early last month to recover US$3 million in
\npromissory notes which matured on Jan. 7 this year.<\/p>\n
In anther development, a senior legal official said the
\nIndonesian government planned to amend the new bankruptcy law in
\nresponse to widespread concern expressed by lawyers and experts
\nregarding implementation of the law since it came into force in
\nAugust.<\/p>\n
Supreme court judge Paulus Lotulung said in a seminar
\norganized by the Hotman Paris Training Center on Tuesday that the
\nnew bankruptcy law had been written in haste.<\/p>\n
\"So amendments are being drafted to address the problems,\" he
\nsaid.<\/p>\n
He said amendments required include rulings on the size of
\nclaim which can be brought by a plaintiff and the fee for an
\nadministrator and curators to take care of a debtor's assets.<\/p>\n
Jakarta Commercial Court, the country's only bankruptcy court,
\nreceived strong public criticism following a decision to approve
\na bankruptcy petition for Rp 94.13 million (US$12.55 million)
\nfiled by two private citizens, Hussein Sani and Johan Subekti,
\nagainst property firm PT Modernland realty, which has total
\nassets worth more than RP 1 trillion.<\/p>\n
The plaintiffs were seeking redress for a down payment placed
\non apartments being developed by Modernland.<\/p>\n
The size of the fee set for administrators and curators has
\nalso been the source of controversy and in one case last month
\noutstripped the size of the plaintiff's claim. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bankruptcy-claim-against-davomas-pulled-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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