This paper analyzes a decision of the Commercial Court at the Semarang District Court that annulled the composition plan (homologation) in the suspension of payments (PKPU) proceedings of PT Perindustrian Njonja Meneer and declared the company bankrupt. The case began with a petition from a concurrent creditor, Hendrianto Bambang Santoso, who argued that the debtor had failed to perform the plan. The debtor replied that the debt could be paid in installments until June 2020, so it could not yet be considered in default. The panel of judges disagreed. It held that very small payments, together with giro slips (bilyet giro) rejected by the bank because the debtor's account had been closed, were enough to show that the debtor was in default and unable to pay. Using a normative juridical approach, this paper sets out the facts of the case, the court's reasoning, and whether the judges' interpretation of "default" under Article 170(1) of Law Number 37 of 2004 is sound. The author concludes that the decision protects creditors well, but its reasoning on default before the end of the installment period is still open to debate.
Copyrights © 2026