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This paper discusses the Islamic perspective applied under Indonesian Law on the idea of restructurization when originators of corporate sukuk are declared to be insolvent. Up until now, there is no corporate sukuk bankruptcy case in Indonesia. However, there are plenty of cases where originators are requested to restructure their sukuk debts by their investors. It is common for conventional bond originators to restructure their debts using some mechanisms, i.e., reducing the debts, rescheduling the payment date by increasing the interest and swapping the debts to equities. This paper tries to analyze how Islamic perspective applied under Indonesian Law responds to each mechanism in the context of sukuk default. It seems the mechanism to reschedule the debt payment and therefore obliges originators to pay higher margin is arguably prohibited under Islamic perspective. At the end, this paper shows the most proper models should be used to conduct restructuring approaches to sukuk defaults.