MOSCOW, July 26 - RAPSI. The Moscow District Federal Commercial Court postponed on Thursday until August 7 the consideration of Innogarant's appeal against the court ruling upholding the watchdog's order to withdraw its license, the court told the Russian Legal Information Agency.
The court source could not specify the reasons for the delay.
Innogarant, the claimant, is the insurer of the Capital Tour travel agency. It has been operating since 2000. Its charter capital amounted to 1.65 billion rubles ($50 million).
Capital Tour was established in July 2003 as the first universal international travel agency. It was one of Russia's top three travel agencies. It sold medium and high budget tours to 40 countries through over 20,000 travel companies in Russia and the other CIS states, and the Baltic countries.
Capital Tour announced the suspension of its tourist operations on November 16, 2010. In mid-December, Innogarant announced that it would compensate the agency's clients.
The Federal Insurance Supervision Service stated in February that the service had received complaints that Innogarant has defaulted in its compensation payment. The insurer's license was then restricted on February 10 and revoked by the Federal Financial Markets Service on May 25.
Although Innogarant challenged its license restriction, the Moscow Commercial Court upheld the watchdog's decision on September 26.