Sritex’s Bankruptcy: BNI Calls for Independent Oversight of Curators

SEMARANG, RAKYAT NEWS – PT Sri Rejeki Isman (Sritex), one of Indonesia’s largest textile manufacturers, is currently in the midst of a bankruptcy process after being sued by its vendor, PT Indo Bharat Rayon, due to outstanding debts. During the first creditors’ meeting held on November 13, 2024, at the Semarang Commercial Court, BNI’s legal counsel, Yudhi Wibisana, expressed deep concern over the company’s bankruptcy status, which he described as a “disaster for Indonesia’s textile industry.”

The bankruptcy proceedings involve not only Sritex but also its three subsidiaries: PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya. These companies have been accused of failing to settle their financial obligations to PT Indo Bharat Rayon, with Sritex’s total debt reaching a staggering IDR 14.64 trillion, owed to 27 banks and three multi-finance companies as of September 2024.

In his statement, Wibisana emphasized the need for transparency throughout the bankruptcy process, proposing the formation of a Temporary Creditors Committee. This committee would oversee the actions of the appointed curators, ensuring they act independently, transparently, and professionally in managing the process. BNI, as a major member of the state-owned banking association Himbara, is keen to ensure that all stakeholders’ interests are protected.

Wibisana’s call for transparency is grounded in the importance of safeguarding both creditors’ and debtors’ legal rights during the bankruptcy process. He stressed the importance of maintaining careful oversight to avoid potential legal violations by any of the parties involved, including the debtor, curators, and creditors.

Sritex, based in Sukoharjo, Indonesia, was hit with the bankruptcy lawsuit after PT Indo Bharat Rayon filed a petition over unpaid debts. The court proceedings have now led to the formal appointment of curators, who are responsible for managing the company’s financial affairs and handling creditor claims. The first meeting with creditors was primarily introductory, allowing curators to present themselves and their role in the proceedings.