The author examines and analyzes the Judges’ Decision in case No. 04/Pdt.Sus- PKPU/2018/PN.Niaga.Sby. The Commercial Court in Surabaya, which granted a request to postpone the Debt Payment Obligations of PT Merpati Nusantara Airlines (Persero), namely: What is the Process of Delaying Debt Payment Obligations of PT Merpati Nusantara Airlines (Persero) in the Decision No. 04/Pdt.Sus-PKPU/2018/PN.Niaga.Sby and What is the legal consequense if the a agreement of peace is not implemented? The method that The Author use in this study is normative research, using primary legal material, namely Law No. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations. and Decision No. 04/Pdt.Sus-PKPU/2018/PN.Niaga.Sby and secondary legal materials, namely books, journals related to The postpone the Debt Payment Obligation. The postpone the Debt Payment Obligation application process by PT Parewa Catering towards PT Merpati Nusantara Airlines complies with the laws and regulations Article 222 paragraph (1) and paragraph (2), Article 225 paragraph (2) and paragraph (3), Article 226, Article 228 Paragraph (6), Article 229 paragraph (1) Law No. 37 of 2004 concerning Bankruptcy and Postponement of Obligations to Pay Debt. The postpone the Debt Payment Obligation's Decision and Decision on PT MNA has provided legal protection to creditors as stated in a collective agreement that is after the period of internal repayment period has begun to be paid installments of all principal debts to creditors, this is in accordance with the provisions of Article 285 paragraph (2) Law No. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations.