We can still remember the nostalgic feeling four years ago when the Commercial Court at the Central Jakarta District Court decided to ratify the peace agreement between PT Sariwangi Agricultural Estate Agency (Sari Wangi AEA Co Ltd – Sariwangi), its subsidiary PT Maskapai Perkebunan Indorub Sumber Wadung (Indorub), and their creditors. It’s a result of months of negotiations in a period of Suspension of Debts Payment (PKPU). But last year, the peace agreement was annulled by the same Commercial Court. Both companies were deemed bankrupt and thus entered insolvency. Those who grew up drinking teas from Sariwangi were in shock. In the last days of the battle, Indorub had to fight alone. They’re also alone when submitting the petition for cassation to the Supreme Court against the cancellation of the peace agreement. Unfortunately for Indorub, the Supreme Court decided to uphold their bankruptcy. The copy of the verdict was uploaded recently.
To subscribe please click here