Case of Bankruptcy Company

PT Indah Raya Widya Plywood Industries has applied for credit 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 types of currencies, namely debt in the form of rupiah and US Dollar. The rupiah loan agreement was first made on February 3, 1994. With a maximum loan facility of Rp.2,300,000,000, and has been amended in the last credit agreement, namely on July 28, 2000. While the loan agreement in the form of US Dollar was made on the 24th December 1987.

With a maximum loan facility of Rp.4,200,000,000, and was last amended in a credit agreement dated April 5, 1993, the agreement was later transferred to an offshore loan facility in US Dollar, as stated in the credit agreement dated October 12, 1993 with a maximum loan facility amounting to US $ 1,990,000.00 and was last amended in the 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 make changes to the branch of the account organizer that originally existed at PT BNI (Persero) Tbk Singapore Branch Office to become PT BNI (Persero) Tbk Grand Cayma Island Branch Office. Therefore, the credit agreement in the form of US Dollar was again settled in the last amended agreement dated July 28, 2000. Based on the agreement, the maturity of PT Indah Raya Plywood Industries’s debt to PT BNI (Persero) Tbk fell on December 29, 2000. To maintain the business continuity of the applicant, in good faith the applicant conducts several negotiations. However, the respondent did not respond to this. As of October 31, 2005, the outstanding debt became:

Calculation of debt
In the form of rupiah, principal debt = Rp.2,270,000,000, Interest = Rp118,512,149, and Fines = Rp500,089. Total debt = Rp. 2,389,012,238
While in the form of US Dollar, Principal debt = US $ 1,979,612.85, Interest = US $ 301,674.82, and IBP = US $ 251,823.45. Total debt = US $ 2,533,111.12
Because until the date specified by the respondent has not paid in full, then a bankruptcy application is submitted. The application was registered on March 29, 2006. From the filing of the bankruptcy petition, the petitioned party filed an application for PKPU dated April 28, 2006 in the Registrar’s Office of the Central Jakarta Commercial Court. Upon the request, PKPU was temporarily granted dated May 4, 2006. After being granted PKPU while the defendant was on May 17, 2006. The first creditor meeting was held, and on May 24, 2006 verification of accounts payable which resulted in a Temporary Credit List. From the meeting, the defendant denies PT BNI (Persero) Tbk regarding the amount of receivables that still have disputes, and determines the participation of PT BNI (Persero) Tbk in determining the number of votes, thus demanding the defendant conduct a discussion meeting on the peace plan these are considered invalid and legally flawed.

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