Auctioned, Sariwangi bankrupt due to default and unable to pay debt

News24xx.com - The decision was stated in Jakarta District Court, which stated that the status of PT Sariwangi Agricultural Estate Agency (Sariwangi) and PT Airline Indorub Sumber Wadung (Indorub) Plantation were bankrupt. And the court also granted the cancellation of the peace agreement proposed by PT Bank ICBC Indonesia.

Reporting from Medcom.id, ICBC's Legal Counsel Swandy Halim from the Law Office of Swandy Halim & Partners explained that the two companies failed to carry out their obligations to pay debts.

"Yes, there was bankruptcy. Sariwangi never paid installments, while Indorub, after one year, just started paying installments," Swandy said on Wednesday, October 17th 2018.

From the results of the record, Sariwangi's debt to ICBC per date of the ratification decision (October 9, 2015) amounted to USD20,505,166 (USD20.5 million). While Indorub's debt to ICBC amounted to USD2,017,595 (USD2.01 million), and IDR4,907,082,191 (IDR4.9 billion).

"That is the amount of Sariwangi's debts to ICBC," said Swandy

Swandy also said that after this court ruling, the two assets of the company (Sariwangi and Indorub) would be auctioned and paid to the creditor.

"The Curator will then be entered to auction their assets. The auction results will be distributed to creditors" Swandy concluded

 

 

 

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