MOSCOW, April 17 - RAPSI. The Moscow District Federal Commercial Court has shelved until May 14 a cassation appeal filed by the Moskva Airlines against the recovery of $6 million in the Russian Technologies Corporation lawsuit.
Moskva Airlines was founded as Atlant-Soyuz Airlines in June 1993. In 2007, private investors owned a 75-percent stake in the company and the remaining 25-percent stake was held by the Moscow government. On September 17, 2010, the airline was renamed Moscow Airlines.
The airline's debt to the government corporation resulted from a loan granted to Altant-Soyuz by VTB Bank. The Russian Technologies Corporation, acting as the guarantor for the loan, repaid the airline's debt to the bank.
The court might shelve the appeal if it contains any violations. Furthermore, the appeal will be sent back to the applicant if the violations are not rectified in the stipulated time.
The Moscow Commercial Court fully satisfied the corporation's claim in November, 2011 and ordered the defendant to repay 159.337 million rubles ($5.4 million) in principal debt and interest amounting to 21.1 million rubles ($714,000). VTB was involved in the litigation as a third party.
A court of appeals upheld the decision on February 7.
Due to its difficult financial situation, the airlines tried to reduce its flights in December 2010 and stopped ticket sales. In January 2011, the airline wound up its operations.