Supreme Court turns down Hanil bankruptcy review<\/p>\n
JAKARTA (JP): The Supreme Court rejected a request for a civil
\nreview of its decision rejecting PT Hanil Bakrie Finance's
\nbankruptcy claim against publicly listed PT Dharmala Sakti
\nSejahtera.<\/p>\n
The court reached its decision on May 27 and sent copies of
\nthe verdict to the plaintiff and defendant last week.<\/p>\n
\"The reasons raised by the plaintiff did not satisfy the
\ndemands for a civil review as stipulated in article 286,
\nsubarticle two of the 1998 Bankruptcy Law,\" according to the
\ncourt's decision, made available to The Jakarta Post over the
\nweekend.<\/p>\n
There must have been a serious misapplication of the
\nbankruptcy law or new material evidence for a civil review to be
\ngranted by the Supreme Court, according to the bankruptcy law.<\/p>\n
The decision rejecting the civil review was reached by Chief
\nJustice Sarwata, Justice Ketut Suraputra and Justice Zakir.<\/p>\n
Hanil Bakrie filed a bankruptcy petition against PT Dharmala
\nat the Jakarta Commercial Court in January this year seeking the
\nrecovery of US$2.2 million in promissory notes which matured in
\nJuly last year.<\/p>\n
The commercial court in mid-February rejected Hanil Bakrie's
\npetition on the grounds that the two firms were still involved in
\ndebt settlement negotiations.<\/p>\n
Hanil Bakrie appealed the decision to the Supreme Court in the
\nsame month.<\/p>\n
Hanil Bakrie's appeal was rejected by the Supreme Court
\nbecause it was filed one day after the deadline.<\/p>\n
The 1998 Bankruptcy Law stipulates that appeals must be filed
\nwith the Supreme Court within eight days after the commercial
\ncourt issues its verdict.<\/p>\n
PT Hanil Bakrie Finance is a joint venture firm between Hanil
\nLeasing Company Ltd. of Korea and the Bakrie Group,<\/p>\n
PT Dharmala Sakti Sejahtera is a holding company for the
\nfinancial services division of the Dharmala Group. The company
\noffers a range of services, including banking, insurance and
\nbusiness and capital market consultancy. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/supreme-court-turns-down-hanil-bankruptcy-review-1447893297",
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"sponsor": "Okusi Associates",
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