NOVOSIBIRSK, October 5 - RAPSI. The Novosibirsk Regional Commercial Court has placed Sibselmash into receivership, the court reported on Friday.

Sibselmash is the region's largest engineering plant and part of the Russian Technologies Corporation.

The receivership will last until March 20, 2013.

As of September 23, the plant's liabilities totaled 1.6 billion rubles ($51.4 million), of which tax and rentals arrears amounted to 787 million rubles ($25.3 million).

The plant has ceased production. Wage arrears of 12.3 million rubles ($395,000) have been paid in full.

According to earlier reports, Sibselmash was placed into administration in July 2011 when its debt amounted to 1.02 billion rubles ($32.8 million). In December 2012, the creditors meeting voted for a settlement agreement, which entered into force after its approval by the commercial court.

Under the agreement the plant was obliged to pay the debt within 30 days, but failed to do so. Of the payables, 333,617 million rubles ($10.7 million) account for debt to the Federal Tax Service, which asked the court to cancel the settlement agreement and to resume the bankruptcy procedure.

Sibselmash produced agricultural vehicles, mining equipment, and military hardware.