MOSCOW, January 10 - RAPSI. The Supreme Commercial Court has returned an application to review lower-court decisions against a Mirax Group subsidiary seeking to recover $62.14 million from the Federal Center for Social Development, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
The court ruling says the applicant missed the deadline for submitting the application.
In December 2010, the Moscow Commercial Court dismissed Mirax-Fili's claim to the center for 1.972 billion rubles ($62.14 million). The judgment was upheld by the Ninth Commercial Court of Appeals in March and the Moscow District Federal Commercial Court in June.
Mirax-Fili claimed payment for the Kutuzov Mile residential quarter's renovation, which it performed for the Federal Center for Social Development in Moscow from July 2008 until December 2009.
The defendant claims it did not authorize further construction on such a scale and at such prices.
The defendant said in the first-instance court that it stopped financing the construction in August 2008, as the investors (third parties to the dispute) did not fulfill their commitments.
The Mirax Group was founded in 1994. The total square area of the company's development projects amounts to 12 million square meters, including 825,000 square meters of completed development. Board Chairman Sergei Polonsky told media that in February 2010 its debts amounted to $500 million, while one year before they had amounted to $700 million.