Property firm taken to court for unpaid debt

Property firm taken to court for unpaid debt

JAKARTA (JP): Multifinance firm PT Perdana Jatiputra and its
director Lukman Kolim filed a bankruptcy petition against
property company PT Metropolitan Development at the commercial
court on Wednesday.

According to court data, the suit was based on Metropolitan's
failure to pay US$514,965.64 in promissory notes.

Data outlined Metropolitan's total debt comprised $250,000 in
notes issued on Nov. 4 in 1997, which matured on Dec. 15, 1997,
and $250,000 issued on Dec. 15, 1997, which fell due on Jan. 14,
1998.

The plaintiff's lawyer, O.C. Kaligis, said the amount sought
was the principal debt plus interest.

He said Metropolitan failed to show willingness to meet its
debt despite repeated requests and reminders from Perdana.

"Metropolitan has never serviced its debts to my client so we
lodged this bankruptcy petition," Kaligis said in a statement.

In another development, businessman Zacky A Baheen lodged an
insolvency petition against publicly listed property firm PT Duta
Anggada before the commercial court early this week.

The plaintiff's lawyer, Yulius Susanto Cung, said in a
statement that Duta Anggada reneged on payment of Rp 10 billion
in promissory notes to the businessman.

"Duta Anggada failed to pay its debt though it had matured on
Jan. 8, 1998," Cung said.

The claims bring the total number of insolvency petitions
lodged before the commercial court to 34 since the operation of
the country's bankruptcy law in August last year. (aly)