Legal Protection And Remedies Of The Unverified Creditors In Reconciliation (Case Study Of Pt Garuda Indonesia’s Suspension Of Debt Payment Obligations)

Abstract

This research arises from the issue of Boeing being an unverified creditor in Garuda Indonesia’s reconciliation agreement of SDPO. As a result, Garuda Indonesia is completely sidelined and exempted from all Boeing debts. Therefore, the following issues are examined in this thesis: how is the legal protection for the unverified creditors in the reconciliation of Suspension of Debt Payment Obligation that has been ratified by the Commercial Court? Second, how are the legal remedies for the unverified creditors in the reconciliation of Suspension of Debt Payment Obligation that has been ratified by the Commercial Court? The research method used in this paper is normative legal research with a statutory approach and case-analytical approach, including descriptive-evaluative analysis. The findings of this study are: First, Boeing as the unverified creditor has lost its legal protection as stipulated in Garuda Indonesia's homologated reconciliation agreement. Second, Boeing has options to pursue legal remedies outside the court once the reconciliation plan reaches homologation – by conducting negotiations and holding a mediation procedure, by the approval of administrator and all creditors. Foreign creditors are strongly advised to be fully aware and adhere with the debtor’s SDPO process to serve creditor’s right and the substance of the reconciliation agreement should emphasize clear provisions for the legal protection and remedies of the unverified creditors specifically for the foreign creditors who intentionally neglect the SDPO process.