Study of the Bankruptcy of PT. Sri Rejeki Isman, Tbk (Sritex) in the Context of Business Competition Law

Abstract

Bankruptcy and Suspension of Debt Payment Obligations (PKPU) are one of the paths that can be taken by debtors who are having difficulty paying their debts to their creditors. Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (UU KPKPU) regulates how bankruptcy is carried out. PT. Sri Rejeki Isman, Tbk and its subsidiaries, as bankrupt debtors, underwent debt restructuring by submitting a reconciliation plan to all of their creditors. The reconciliation plan (homologation) was approved by their creditors and ratified through Semarang Commercial Court Decision Number 12/Pdt.Sus-PKPU/2021/PN.Niaga.Smg. The bankruptcy status was terminated and PT. Sri Rejeki Isman, Tbk was able to resume its operations. However, over time, one of the creditors, PT. Indo Bharat Rayon filed a lawsuit against the unilateral cancellation of the homologation agreement, which was granted through Decision Number 2/Pdt.Sus-homologasi/2024/PN. Niaga Smg. This research is a normative legal study that consists of legal issues regarding the fairness and legal certainty of the homologation cancellation, and its approach will be examined through the business competition law regime.