The Supreme Court (MA) has decided to withdraw the appeal filed by Bank QNB Indonesia and Citibank against PT Sri Rejeki Isman Tbk alias Sritex. The trial for the revocation of the appeal took place on May 19, 2022 and was decided by the Supreme Court Justice Ibrahim. "Very the decision, revocation," as quoted from the official website of the Supreme Court, Thursday (26/5/2022). In Bisnis's record, the textile issuer previously informed that Citibank and QNB had withdrawn the cassation that had been submitted to the Supreme Court.

"On May 13, 2022, we received a copy of the letter from the Semarang District Court which sent Letter No. W12.Ul.1466/Pdt.04.01/5/2022 dated May 9, 2022 to the Supreme Court regarding the revocation of the cassation case for Citibank N.A. Indonesia and Bank QNB Indonesia. ," said the company's explanation in the disclosure of information, quoted on Wednesday (18/5/2022).

However, the textile issuer with the SRIL code has not been able to confirm whether the cassation legal process in the Supreme Court has been completely stopped.

Even if the cassation process continues, the company is quite optimistic that it can win the legal dispute against the two creditors. Because, according to them, it is no longer possible to file a cassation because the time for filing a cassation has expired.

The textile issuer whose shares are partly controlled by the conglomerate Lukminto family already has a number of schemes to anticipate the legal consequences of the appeal. According to the company, an appeal could result in bankruptcy.

However, Sritex will file an extraordinary legal action or reconsideration if the cassation request from QNB and Citilink continues and is granted by the panel of supreme judges.