Legal efforts of PT Sri Rejeki Isman, Tbk. (SRITEX) for a cassation request. Homologation has entered a new phase. The SRITEX cassation file has been declared complete and has been sent to the Registrar of the Supreme Court of the Republic of Indonesia in Jakarta by the Semarang District Court today.
The application is Number 1/Pdt.Sus-Homologasi/K/2024/PN Niaga Smg. Juncto Number 2/Pdt.Sus Homologasi/2024/PN Niaga. Smg. Juncto Number 12/ Pdt.Sus-PKPU/2021/PN Niaga Smg.
In fact, the management of PT Sri Rejeki Isman Tbk has submitted an appeal to the Supreme Court after being declared bankrupt by the Semarang Commercial Court since the end of last October. Sritex Management took this step in filing an appeal as a form of the company’s responsibility towards creditors, customers, employees and suppliers.
Responding to the completeness of the cassation submission file, Sritex management has high hopes for the Supreme Court as the last bastion of justice so that it can provide fair decisions and provide the widest possible benefits.
“I ask the Supreme Court to pay special attention to dealing with our problem. We are racing against time. We really need a quick decision so that SRITEX’s business continuity is maintained and employees can continue to work. “The support from various parties to us has encouraged us to focus on guarding and winning appeals,” said Iwan Kurniawan Lukminto, Main Director of SRITEX.
Previously, the textile company PT Sri Rejeki Isman Tbk (SRIL) or Sritex was declared bankrupt by the Semarang Commercial Court. Sritex is now fighting back and is appealing the decision to the Supreme Court. Case number 2/Pdt.Sus- Homologasi/2024/PN Niaga Smg was decided on Monday (21/10).
The Sritex issue has received the attention of President Prabowo Subianto. Prabowo even held a limited meeting to discuss the fate of PT Sri Rejeki Isman Tbk or Sritex. Prabowo’s direction is that the textile company must remain alive.
“He wants an update on the current situation regarding the textile industry, one of which is Sritex and his direction is for the company to continue running. Then we will look for a technical way,” said Coordinating Minister for the Economy Airlangga Hartarto after a limited cabinet meeting at the Presidential Palace, Jakarta, Tuesday (29/ 10) then.(P-2)
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**Interview with Legal Analyst Dr. Rahmat Suryadi on PT Sri Rejeki Isman Tbk’s Cassation Efforts**
**Editor:** Thank you for joining us today, Dr. Suryadi. PT Sri Rejeki Isman, commonly known as Sritex, has just submitted a complete cassation request to the Supreme Court after being declared bankrupt. Can you explain what this process entails?
**Dr. Suryadi:** Thank you for having me. The cassation process is essentially a legal appeal where a party seeks to have a higher court review the decision made by a lower court—in this case, the Semarang Commercial Court. Sritex aims to challenge the bankruptcy ruling and potentially overturn it, which could significantly impact its future operations.
**Editor:** Why is this appeal particularly significant for Sritex and its stakeholders, like employees and creditors?
**Dr. Suryadi:** The appeal is crucial as it not only affects the company’s survival but also directly impacts its creditors, customers, and employees. By filing for cassation, Sritex’s management is demonstrating a commitment to find a resolution that honors its obligations and secures jobs. If successful, it could lead to reorganization and the preservation of the company’s assets and workforce.
**Editor:** Given the current financial climate, what do you foresee as potential outcomes of this appeal?
**Dr. Suryadi:** The outcomes can vary widely. If the Supreme Court upholds the bankruptcy ruling, Sritex might face liquidation, which would be detrimental to all stakeholders involved. However, if the court decides in favor of Sritex, the company could enter into a formal rehabilitation process, allowing it to restructure its debts and continue operating.
**Editor:** Insights into overall implications for the Indonesian textile industry if Sritex is unable to recover?
**Dr. Suryadi:** Sritex is one of the largest textile manufacturers in Indonesia, so its failure would have ripple effects throughout the industry. It could lead to job losses, reduced supply capacity, and increased import reliance. This situation underscores the importance of corporate governance and financial management across the sector.
**Editor:** Thank you, Dr. Suryadi, for your insights on this vital issue facing Sritex and the broader implications for the industry.
**Dr. Suryadi:** You’re welcome! It will be interesting to see how this develops in the coming months.
