IBRA loses new bankruptcy case against Ometraco
IBRA loses new bankruptcy case against Ometraco
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
lost another legal battle in the Jakarta Commercial Court, which
dismissed the agency's bankruptcy suit against PT Ometraco
Corporation on Wednesday.
"PT Ometraco Corporation is in the liquidation process
following a bankruptcy granted by the South Jakarta District
Court, so it cannot be declared bankrupt again here," presiding
judge Mahdi Soroindah Nasution told the courtroom.
Ometraco declared bankruptcy in early April and registered a
self-liquidation notice with the South Jakarta District Court.
The company is now being liquidated, a process being
administered by a private receiver that was appointed by the
company's shareholders.
The lawyer representing IBRA, Benny K. Harman, said under the
existing law, Ometraco's self-liquidation status as granted by
the South Jakarta court was not binding to third parties until
the company's shareholders approved the liquidation. Thus, the
company must hold a shareholders meeting to receive approval for
the move, he said.
Until the approval is secured, Ometraco's "temporary"
liquidation status can be revoked if there is a third party which
objects to the status, according to Benny.
"Ometraco's operating license (registered at the Ministry of
Industry and Trade) and legal status as an entity (at the
Ministry of Law and Legislation) have not yet been written off,
so it can still be declared bankrupt by the Commercial Court,"
Benny said.
"We have sent a letter objecting Ometraco's self-bankruptcy
petition at the South Jakarta court to the Ministry of Industry
and Trade and to the Ministry of Law and Legislation," he added.
Presiding judge Mahdi Soroindah refused to address the issue
of Ometraco's liquidation status, saying it was beyond the
Commercial Court's authority.
Ometraco, which was involved in banks, property and
telecommunications, owes IBRA US$53.18 million.
Two previous bankruptcy suits filed by IBRA earlier this year
against trading firm PT Tirtamas Comexindo and PT West Kalindo
were also dismissed.
Since its establishment in early 1998, the Commercial Court
has declared dozens of companies bankrupt, but most of these were
small companies, while larger companies have fared better.
Analysts suspect big companies use their financial resources
to influence the court's verdict.
Meanwhile at a separate hearing at the Jakarta Commercial
Court on Wednesday, majority creditors of the now insolvent PT
Fiskaragung Perkasa failed in their attempt to have the court
cancel the $3 million loan agreement between the salt producer
and its Hong Kong creditor, Catnera International Ltd.
The majority shareholders alleged the loan agreement, signed
less than a year ago, was illegal because Fiskaragung and Catnera
were affiliated and the agreement was reached in bad faith. (udi)