JAKARTA - Singapore International Commercial Court (SICC) recognises the peace agreement between Garuda Indonesia Holiday France (GIHF) and Greylag Entities ruled by Central Jakarta Commercial Court in Singapore jurisdiction.

Ade R. Susardi, Interim CEO of PT Garuda Indonesia (Persero) Tbk (GIAA), the parent company of GIHF, said that SICC has reached an agreement regarding the recognition process of Suspension of Debt Payment Obligation (PKPU) and peace agreement between the company and Greylag last week (18/1).

The ruling includes delaying all legal proceedings between the company and Greylag Entities, acknowledging and executing the peace agreement homologated by Central Jakarta Commercial Court dated June 27, 2022 as an overseas judgment. This recognition by SICC will not impede any ongoing arbitration or litigation proceedings between Greylag and GIF, as well as other subsidiaries in the jurisdiction of Singapore, which is the location of the arbitration.

In addition, it is agreed that the rulings will not extend into the claims brought upon by Greylag Entities against the company in the arbitration process, in regard to Greylag’s debts unrecognised by PKPU.

As is known, the Central Jakarta Commercial Court homologated a peace agreement between Greylag and Garuda under case No.425/Pdt.Sus-PKPU/2021/PN Niaga,Jkt Pst. (LK/ZH