MOSCOW, December 3 - RAPSI. The Moscow Commercial Court has ceased the proceedings in the Soglasiye Stroyinvest Corporation's application to declare Uniastrum Leasing bankrupt, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Monday.

Uniastrum Leasing is a Russian subsidiary of the Bank of Cyprus.

The proceedings in the case were ceased, as Uniastrum Leasing paid its debt to the applicant.

In an earlier statement, Uniastrum Bank said the bankruptcy application is unrelated to the company's financial status, and aims to manipulate public opinion using suspicious methods.

The court has estimated the company's debt to Uniastrum Leasing at 56.9 million rubles ($1.8 million), of its total debt of 346.9 million rubles ($11.3 million). According to Uniastrum, the application was "surprising," as the bank had not been issued any claims or writs of execution as required by law.

Established in 2003, Uniastrum Leasing has been part of the Bank of Cyprus since 2008. Its balance sheet totaled 890 million rubles ($29 million) as of July 1, and its six-month sales profit in 2012 reached over 24 million rubles ($779,000).