Analisis Proses Kepailitan PT Sri Rejeki Isman Tbk. (Sritex) dalam Perspektif Undang-Undang Kepailitan dan PKPU

Abstract. PT Sri Rejeki Isman Tbk. (SRITEX), one of Indonesia’s largest textile companies, has faced severe financial distress since 2020 due to the impacts of the COVID-19 pandemic, which triggered a Suspension of Debt Payment Obligations (PKPU) filing and ultimately led to bankruptcy as ruled by the Supreme Court, with total liabilities amounting to IDR 32.6 trillion. Following the bankruptcy decision, asset management by the curator team encountered significant challenges, including alleged illegal fund withdrawals and uncooperative actions from the company’s management, which further complicated the insolvency resolution process. This study employs a normative juridical method with a descriptive approach to analyze the implementation of Law No. 37 of 2004 on Bankruptcy and PKPU (UUKPKPU) and examines the legal implications of non-compliance by SRITEX’s board of directors. The findings reveal that the effectiveness of the UUKPKPU in the SRITEX case has been suboptimal in balancing stakeholder interests. The failure to fulfill the PKPU settlement agreement and subsequent mass layoffs illustrate weaknesses in worker protection and the overall effectiveness of the PKPU mechanism. The bankruptcy verdict shifted all asset management authority to the curator in accordance with Article 24 of UUKPKPU, while uncooperative behavior and indications of corruption among SRITEX directors expose weaknesses in oversight and law enforcement. This research recommends strengthening sanctions, enhancing worker protection within creditor hierarchies, and improving supervisory mechanisms for directors of bankrupt companies to increase the effectiveness of the UUKPKPU. Abstrak. Penundaan Kewajiban Pembayaran Utang (PKPU) dan berujung pada status pailit oleh Mahkamah Agung dengan nilai utang Rp32,6 triliun. Pasca putusan pailit, proses pengelolaan aset oleh tim kurator menghadapi berbagai kendala, seperti dugaan penarikan dana ilegal dan sikap tidak kooperatif dari jajaran direksi, sehingga menyulitkan penyelesaian kepailitan. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan deskriptif, fokus pada implementasi Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan PKPU (UUKPKPU) serta evaluasi implikasi hukum atas ketidakpatuhan direksi SRITEX. Hasilnya mengungkap efektivitas UUKPKPU dalam kasus SRITEX belum optimal menyeimbangkan kepentingan stakeholder. Kegagalan pelaksanaan kesepakatan PKPU serta terjadinya PHK massal membuktikan lemahnya perlindungan tenaga kerja dan efektivitas mekanisme PKPU. Putusan pailit menyebabkan seluruh kewenangan aset berpindah ke kurator sesuai Pasal 24 UUKPKPU, sementara tindakan direksi yang tidak patuh serta indikasi korupsi menunjukkan lemahnya pengawasan dan penegakan hukum. Penelitian ini merekomendasikan perlunya penguatan sanksi, advokasi perlindungan pekerja yang lebih baik, dan pembenahan pengawasan terhadap direksi perusahaan pailit untuk meningkatkan efektivitas UUKPKPU.