Bankruptcy Company Case

Business

Bankruptcy Company Case

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PT Indah Raya Widya Plywood Industries has submitted a loan application to PT Bank Negara Indonesia (Persero) Tbk. The credit application has been approved by PT BNI (Persero) Tbk, where the form of credit loans is divided into two currencies, namely debt in the form of rupiah and US Dollar. The loan agreement in rupiah was first made on February 3, 1994. With a maximum loan facility of Rp 2,300,000,000, and was amended in the last credit agreement, namely on July 28, 2000. While the loan agreement in US Dollars was made on the 24th December 1987

With a maximum loan facility of Rp.4,200,000,000, and was last amended in a loan agreement dated April 5, 1993. The agreement was then transferred to an offshore loan facility in US dollars, which was set forth in a credit agreement dated October 12, 1993 with a maximum loan facility amounting to US $ 1,990,000.00 and last amended in a credit agreement dated March 25, 1998.

Then based on Bank BNI Letter Number KPS / 3/117 / R dated March 13, 1998, it was decided to change the account organizer’s branch that was originally in PT BNI (Persero) Tbk Singapore Branch Office to PT BNI (Persero) Tbk Grand Cayma Island Branch Office. Therefore, the loan agreement in the form of US Dollar was re-placed in the last amended agreement dated July 28, 2000. Based on the agreement, the debt maturity of PT Indah Raya Plywood Industries against PT BNI (Persero) Tbk fell on December 29, 2000. To maintain the continuity of the business of the applicant, in good faith the applicant entered into several negotiations. But this matter was not responded by the respondent. As of October 31, 2005, the respondent’s debt has become:

Debt calculation

Because up to the specified date the respondent had not yet paid off the debt, the bankruptcy application was submitted. The petition was registered on March 29, 2006. From the filing of the request for bankruptcy, the bankrupt petitioner filed a PKPU application dated April 28, 2006 at the Registrar’s Office of the Central Jakarta Commercial Court. Upon the request, the temporary PKPU was granted on May 4, 2006. After the temporary PKPU was granted, on May 17, 2006. The first creditor meeting was then held, and on May 24, 2006 a verification of debt and receivables resulted in a Provisional Credit List. From the meeting, the respondent held a rebuttal to PT BNI (Persero) Tbk. Regarding the amount of debts that were still in dispute, as well as determining the participation of PT BNI (Persero) Tbk in determining the limit on the number of votes, so that it demanded the respondent, conduct a discussion meeting on the peace plan it is considered invalid and legally flawed.

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