Jakarta Commercial Court again irritates IBRA<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court on Thursday turned
\ndown the Indonesian Bank Restructuring Agency's (IBRA) bankruptcy
\nsuit against PT Sumi Asih.<\/p>\n
The court did so because the amount of unpaid debt claimed by
\nthe agency was disputed by the palm oil producer.<\/p>\n
Seemingly upset, IBRA's lawyer Kitty Sugondo Kramadibrata
\ncriticized the court's ruling as a manipulation of the country's
\nexisting 1998 Bankruptcy Law.<\/p>\n
\"It is nonsense that the amount of unpaid debt which IBRA
\nclaimed as creditor is subject to the debtor's approval,\" Kitty
\nsaid, commenting on one of the main points of the court's ruling.<\/p>\n
The court ruling, as read by the presiding judge, I Gde Nyoman
\nPutra, said the suit was rejected mainly because the amount of
\ndebt was still in dispute and because IBRA was not the original
\ncreditor of the debt.<\/p>\n
Kitty said that the exact amount of the debt should not be
\ntaken into consideration, because such issues would inevitably be
\nhashed out in the court-supervised verification process.<\/p>\n
\"The bankruptcy suit has to be accepted by a 'simple proving
\nof the fact' that there is a matured debt,\" Kitty said, quoting
\nSection 6, Article 3 of the existing bankruptcy law.<\/p>\n
In addition the law required that there had to be at least two
\ncreditors for the sued party to be declared bankrupt, Kitty
\nadded.<\/p>\n
\"So it is clear that the law did not require the suing party
\nto declare the exact amount of the debtor's unpaid debt at the
\ntime of the filing and during the bankruptcy proceeding,\" she
\nsaid.<\/p>\n
The other main reason that the court rejected IBRA's
\nbankruptcy suit was that the agency -- in filing the suit --
\nshould not act on its own behalf, but on behalf of the parties to
\nwhich the debts were originally owed (the now closed Bank Pelita
\nand Bank Umum Nasional).<\/p>\n
IBRA took over the banks' assets following the banks' closure.<\/p>\n
\"The court's ruling is just so weird and biased that all its
\npoints of consideration supported the main arguments of the sued
\nparty,\" Kitty complained.<\/p>\n
IBRA has lost three legal battles against uncooperative
\ndebtors at the Jakarta Commercial Court.<\/p>\n
Two bankruptcy suits filed by IBRA earlier this year against
\ntrading firm PT Tirtamas Comexindo and PT West Kalindo were also
\ndismissed. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jakarta-commercial-court-again-irritates-ibra-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}