IBRA bankruptcy suit rejected

IBRA bankruptcy suit rejected

JAKARTA (AFX-ASIA): The Jakarta Commercial Court has rejected a bankruptcy suit filed by the Indonesian Bank Restructuring Agency (IBRA) against Dharmala Group affiliate PT Muara Alas Prima, judge Erwin Mangatas Malau said.

Malau, who presided over the three-member panel of judges which heard the case, said Muara Alas dissolved itself as a business entity in July and that the liquidation of the company's assets is ongoing.

"The company cannot be (sued) for bankruptcy," Malau said, adding that the company's self-bankruptcy application has been registered with the government and announced through the media.

The independent ad hoc judge on the panel, Elijana, dissented from the opinion of the panel, saying that IBRA may still file a bankruptcy suit as the liquidation process is not yet complete.

The ruling of the panel still stands.