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National Reserve Bank's lawsuit against air transport regulator to be heard on March 6

13:26 13/02/2012

MOSCOW, February 13 - RAPSI, Sergei Feklyunin. A commercial court will hold on March 6 the preliminary hearing of the National Reserve Bank's (NRB) application to quash the watchdog's decision to revoke Kavminvodyavia's (KVM) operator license, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

National Reserve Bank is KVM's creditor.

According to the NRB, the air transport regulator's decision does not satisfy air regulations. The document that it used as the formal basis to revoke the license actually demonstrated the opposite - that KVM fully complied with the certification requirements, the NRB added.

In December, the Stavropol Territory Commercial Court sided with the bank in its application for interim relief in the airline's 490 million ruble ($16.2 million) debt recovery case.

The largest air carrier in the North Caucasus, Kavminvodavia was set to wind up work as part of its reorganization and assets transfer to Aeroflot on October 1, but its operator certificate was revoked as the airline no longer met its financial and economic standards and had to cease operations on September 28.

The bank's website reads that 59.83 percent of its shares are held by the National Reserve Corporation, controlled by Evening Standard and The Independent owner Alexander Lebedev.

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National Reserve Bank's lawsuit against air transport regulator to be heard on March 6

13:26 13/02/2012 A commercial court will hold on March 6 the preliminary hearing of the National Reserve Bank's (NRB) application to quash the watchdog's decision to revoke Kavminvodyavia's (KVM) operator license.
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