CASSATION COURT: CASE ON SELLING A REFINERY COMPLEX IS FORWARDED FOR RECONSIDERATION

15-03-2019 | 13:33

The Arbitration Court of the Moscow District ruled to reverse the judgments of lower Courts that had failed to support FAS

Earlier FAS considered a complaint from a bankruptcy manager about actions of “Blikk” at an auction for selling a refinery complex in the Irkutsk region – a property of a debtor, “DITECO” Production Company.  In the opinion of the claimant, the auction organizer did not specify the cadastre numbers of the real estate items and some other information about the items, which is contrary to the law.  

According to FAS Commission, the notice contained data about the property items to be sold and its characteristics (the address/location, area, volume and stock numbers). Also, to obtain detailed information on each item, the notice included appraisal reports *. Therefore, potential auction bidders could obtain the necessary information about the items for sale. The complaint was recognized unreasonable. 

The bankruptcy manager disagreed with the decision of the antimonopoly body and filed a lawsuit. Court of the First Instance and the Appeal Court invalidated the FAS decision; however,the Arbitration Court of the Moscow District ruled to reverse the decisions of lower Courts and forward the case for reconsideration.

Deputy Head of FAS Rachik Petrosyan commented: “FAS is very much concerned with full disclosure of information regarding the bidding items, which is a necessary condition for bona fide trading. At the same time, if all information about the bidding subject was disclosed and accessible for all market participants there are no reasons to find a violation”.

 

Reference:

*Entry numbers in the Unified Federal Register of Bankruptcy Information with appraisal reports for the property sold through auctions.

 



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