Supreme Court turns down Hanil bankruptcy review

JAKARTA (JP): The Supreme Court rejected a request for a civil review of its decision rejecting PT Hanil Bakrie Finance's bankruptcy claim against publicly listed PT Dharmala Sakti Sejahtera.

The court reached its decision on May 27 and sent copies of the verdict to the plaintiff and defendant last week.

"The reasons raised by the plaintiff did not satisfy the demands for a civil review as stipulated in article 286, subarticle two of the 1998 Bankruptcy Law," according to the court's decision, made available to The Jakarta Post over the weekend.

There must have been a serious misapplication of the bankruptcy law or new material evidence for a civil review to be granted by the Supreme Court, according to the bankruptcy law.

The decision rejecting the civil review was reached by Chief Justice Sarwata, Justice Ketut Suraputra and Justice Zakir.

Hanil Bakrie filed a bankruptcy petition against PT Dharmala at the Jakarta Commercial Court in January this year seeking the recovery of US$2.2 million in promissory notes which matured in July last year.

The commercial court in mid-February rejected Hanil Bakrie's petition on the grounds that the two firms were still involved in debt settlement negotiations.

Hanil Bakrie appealed the decision to the Supreme Court in the same month.

Hanil Bakrie's appeal was rejected by the Supreme Court because it was filed one day after the deadline.

The 1998 Bankruptcy Law stipulates that appeals must be filed with the Supreme Court within eight days after the commercial court issues its verdict.

PT Hanil Bakrie Finance is a joint venture firm between Hanil Leasing Company Ltd. of Korea and the Bakrie Group,

PT Dharmala Sakti Sejahtera is a holding company for the financial services division of the Dharmala Group. The company offers a range of services, including banking, insurance and business and capital market consultancy. (udi)