MOSCOW, July 26 - RAPSI. The Moscow Commercial Court will consider a bankruptcy claim filed by Red Square renovation firm Sredniye Torgovye Ryady on September 3, the court told the Russian Legal Information Agency Thursday.

The company earlier renovated buildings on Red Square, and it now seeks over $1.22 billion in damages under the project from the Finance Ministry.

The Moscow Commercial Court ceased Sredniye Torgovye Ryady's bankruptcy proceedings on July 6. The bankruptcy application had been submitted by Mezprombank, which is presently undergoing bankruptcy procedure.

The application was submitted due to court decisions in favor of recovering for the bank 131.7 million rubles ($4.02 million) in credit debt from Sredniye Torgovye Ryady.

However, an appeals court dismissed the decision during the proceedings and the case was then remanded for reconsideration. The Moscow Commercial Court will review the dispute on August 2.

Sredniye Torgovye Ryady is associated with the United Industrial Corporation owned by former Senator Sergei Pugachyov. The company was established to implement an investment project to reconstruct the historical appearance of the marketplace on Moscow's Red Square.