Court denies Dharmala bankruptcy petition<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court turned down on
\nMonday a bankruptcy petition filed by multifinance firm PT Hanil
\nBakrie Finance against publicly listed PT Dharmala Sakti
\nSejahtera.<\/p>\n
Presiding judge Victor Hutabarat said that the court rejected
\nthe plea because the two firms were still involved in
\nnegotiations.<\/p>\n
\"Since the two firms are still involved in negotiations, we
\ncannot approve the bankruptcy petition,\" he said.<\/p>\n
The plaintiff's lawyer Yan Apul of the Yan Apul law firm
\ninsisted that the verdict had disappointed his client because PT
\nDharmala Sakti had already failed to pay off its debts which had
\nfallen due.<\/p>\n
\"All debts are due and payable,\" he said, adding that his
\nclient had met all the basic requirements for filing a bankruptcy
\npetition.<\/p>\n
PT Hanil Bakrie Finance, a joint venture firm between Hanil
\nLeasing Company Ltd. of Korea and the Bakrie Group, lodged a
\nbankruptcy petition against PT Dharmala early last month seeking
\nthe recovery of US$2.2 million in promissory notes.<\/p>\n
All the debts fell due on July 8 last year.<\/p>\n
Yan Apul said that his client would consider appealing to the
\nSupreme Court.<\/p>\n
\"We will make an appeal in the next two days,\" he
\nsaid.<\/p>\n
Hanil Bakrie's president S.C. Chung separately told The
\nJakarta Post that the verdict would further damage the prospects
\nof the lending and borrowing environment in Indonesia.<\/p>\n
\"The verdict is a bad precedent for the country and it will
\nhave a severe impact on the borrowing climate in the future,\" he
\nsaid.<\/p>\n
Last week, the Supreme Court turned down an appeal by the
\nInternational Finance Corporation -- the private investment arm
\nof the World Bank -- together with ING Indonesia Bank and
\npublicly listed Bank Niaga to declare food producer PT Dharmala
\nAgrifood bankrupt after their previous petition was thrown out by
\nthe Jakarta Commercial Court early December last year.<\/p>\n
Both PT Dharmala Sakti Sejahtera and PT Dharmala Agrifood are
\nsubsidiaries of the widely-diversified Dharmala Group.<\/p>\n
In another development, the Jakarta commercial court also
\nrejected on Friday an insolvency petition filed by the defunct
\nBank Yama against sports equipment producer PT Nassau Sports
\nIndonesia on Monday because the former was a secured creditor.<\/p>\n
Presiding judge Joedijono said that as a secured creditor,
\nBank Yama could not file an insolvency petition with the
\ncommercial court.<\/p>\n
Bank Yama lodged a bankruptcy petition against PT Nassau early
\nthis month over the latter's failure to repay a total US$1.5
\nmillion in loans obtained from the bank in 1996.<\/p>\n
The plaintiff's lawyer Dauly of Dauly and Associates law firm
\nwas considering an appeal to the Supreme Court. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/court-denies-dharmala-bankruptcy-petition-1447893297",
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