Bankruptcy appeal against Dayaindo rejected

The Supreme Court has decided to uphold the Jakarta Commercial Court?s recent decision to reject the bankruptcy petition filed by Swiss company SUEK AG against publicly listed mining company PT Dayaindo Resources, Kontan business daily reported on Monday.

The bankruptcy appeal was filed by the Swiss company because it was not happy with the Commercial Court?s decision to reject its request to declare the company bankrupt.

The court?s panel of judges consisting of Valerine Jl. Kriekhoff, Syamsul Ma?arof and Muhammad Saleh made the decision on Jan. 11, but the document of the verdict had not been issued. The Swiss company had not made any decision on how to respond the Supreme Court?s verdict. ?We are aware about the Supreme Court?s decision, but we have not received the document of the court?s decision,? the Swiss company?s lawyer Gita Petrimalia said.

Gita said that he and other lawyers were still discussing what steps to be taken to response the Supreme Court?s decision.

Meanwile, Dayaindo?s lawyer Derta Rahmanto said that he was happy with the decision. ?It was the right decision because Dayaindo did not have any debts to SUEK,? he said.

As reported earlier, SUEK filed a bankruptcy request through the Jakarta Commercial Court against Dayaindo after the later rejected to pay compensation of about $1.197 million to the Swiss company for a breach of a contract in coal sales as stipulated in the decision made by the London-based arbitrary panel. But the request was rejected by the court. (*)