Heaptalk, Jakarta — The Supreme Court (MA) of Indonesia has officially declared the bankruptcy status of PT Sri Rejeki Isman Tbk (Sritex) as final and binding following the rejection of the textile company’s cassation appeal.
The decision was delivered by Supreme Court Justice Hamdi a few days ago. For context, Sritex filed the cassation appeal with its three subsidiaries: PT Bitratex Industries, PT Primayudha Mandirijaya, and PT Sinar Pantja Djaja.
Hamdi explained that Sritex’s assets will now be managed under Articles 21 and 15 (1) of the Bankruptcy Law. “The liquidation of bankrupt assets may commence immediately by the appointed curator from the ruling date,” Hamdi stated.
According to Article 21 of the Bankruptcy Law, bankruptcy encompasses all of the debtor’s assets as of the date of the declaration, including any subsequent acquisitions during the bankruptcy period. However, this does not apply to two categories:
- Items essential for the debtor’s profession or livelihood include medical tools for health, personal effects such as beds and family essentials, and sufficient food supplies for 30 days.
- Any income derived from the debtor’s employment, including wages, pensions, waiting allowances, support payments, and funds provided for fulfilling statutory alimony obligations.
Hamdi further elaborated on the curator’s role, emphasizing the need for rigorous asset management. “From their appointment, curators must take all necessary steps to secure the bankrupt estate. This includes safeguarding documents, valuables, and financial instruments while issuing receipts. Under Article 99 (1), curators can even request the sealing of assets through the Supervisory Judge. Article 99 (2) stipulates that court bailiffs must carry out this process.”
Additionally, curators must return certain items, such as money, books, or documents, to the debtor if a reconciliation agreement obtains final legal force. This is stipulated under Article 167 of the Bankruptcy Law.
“The Supreme Court has affirmed these provisions to ensure the orderly handling of bankruptcy proceedings,” Hamdi concluded.
