JAKARTA – PT Cottonindo Ariesta Tbk (KPAS), a cotton manufacturer, is officially in its Temporary Suspension of Debt Payment Obligation (lit. Penundaan Kewajiban Pembayaran Utang/PKPU) status. The status will take effect for the next 45 days after the decision was read on the Central Jakarta District Court on January 3, 2023.

Marting Djapar, President Director of KPAS, confirmed said Temporary PKPU status imposed by the Central Jakarta District Court. “After the Panel of Judges decided on the PKPU status, the PKPU administrators immediately worked to send notification letters to all creditors of the company,” he said in the information disclosure quoted Thursday (19/1).

The Judge of the Central Jakarta District Court has then scheduled several affairs regarding this Temporary PKPU status. The schedule includes the deadline for creditors’ billing requests on January 23, the meeting to cross-check receivables on February 6, the meeting to dicsuss homologation agreement on February 13, the voting for homologation agreement on February 14, and the deliberative meeting of the judges on February 16.

The petitioner that went against KPAS is PT Pulchra Chemicals. It filed the lawsuit on November 11, 2022, under case No. 327/Pdt.Sus-PKPU/2022/PN Niaga Jkt.Pst. (LK/ZH)