ANALISIS YURIDIS WANPRESTASI DALAM PERJANJIAN PEMBIAYAAN DENGAN JAMINAN SAHAM REPURCHASE AGREEMENT PADA PUTUSAN NO. 395/PDT/2021/PT DKI

Abstract

Shares as capital market instruments do not merely function as evidence of capital participation; in modern business practice, they are also utilized as collateral objects in financing agreements. This functional shift gives rise to juridical issues when a default occurs, particularly concerning the mechanisms for control and execution of pledged shares, which must be aligned with civil law and capital market law. This study aims to analyze the basis of the judges’ considerations in determining the existence of default by PT Danareksa Sekuritas in relation to the pledged shares in Decision Number 395/PDT/2021/PT DKI, as well as to examine the legal remedies available to PT Aditya Tirta Renata due to the pledged shares being delisted and withheld without a lawful execution mechanism. The research employs a normative legal research method using a statutory approach, a conceptual approach, and a case approach. Legal materials consist of primary, secondary, and tertiary sources, which are analyzed using qualitative juridical analysis techniques. The findings indicate that the panel of judges considered a default to have occurred because PT Danareksa Sekuritas failed to perform its contractual obligations in good faith, particularly by not recording interest payments and by withholding the pledged shares without formal execution. This study concludes by emphasizing the importance of legal certainty in the execution of pledged shares and the need for judicial prudence in examining execution mechanisms based on Article 1155 of the Indonesian Civil Code in order to ensure legal protection for debtors.