MOSCOW, August 15 - RAPSI. The Moscow Commercial Court has adjourned until August 22 the Investment Bank's two lawsuits to recover 13.5 million euro from Latvia's airBaltic and Baltijas Aviacijas Sistemas, the court told the Russian Legal Information Agency (RAPSI/ on Wednesday.

The bank signed loan agreements worth 2.1 million euro and 9.9 million euro with Baltijas Aviacijas Sistemas in 2011, the plaintiff said.

The first loan was set to mature on July 4, and the second was scheduled to mature on June 29. The guarantor was airBaltic. Baltijas Aviacijas Sistemas agreed to pay monthly interest, but the bank went to court seeking early repayment after the payments stopped in November 2011.

During the hearing on Wednesday, Baltijas Aviacijas Sistemas said the bank, the company and Latvia entered into a confidential agreement in October 2011 to continue the financing and to restructure debts under credits. The agreement also stipulates that the disputes must be considered by Latvian as opposed to Russian courts.

The plaintiff said the company has not provided evidence that the agreements are related to the credit and the dispute must be considered by the Moscow Commercial Court, as the credit was issued in Russia.

The judge has adjourned the hearing to allow Baltijas Aviacijas Sistemas time to provide evidence that the agreement is related to the credit.

During the previous session, the court also upheld Latvijas Krajbanka's application to step in as a third party. Latvijas Krajbanka is currently undergoing bankruptcy procedures.

Latvijas Krajbanka said there are reasons to believe that the obligations under the credit contracts were ensured by the bank, which was the depositor, and the obligations have been executed.A commercial court dismissed another Investmentbank lawsuit on the recovery of 5.3 million euro from airBaltic in June, stating that the case must be considered by an intermediate court according to an agreement between the parties.

Earlier, airBaltic Vice President Janis Vanags told RAPSI that airBaltic does not have any documents to prove the company's obligations to the Russian bank.

Investbank was founded in Kaliningrad in 1989. Its head office moved to Moscow in 2011. Investbank is a multi-service bank which serves over 20,000 companies and 200,000 individuals in 84 Russian cities.

Air Baltic Corporation (airBaltic) is a joint stock company founded in 1995. The Latvian government holds 99.8 percent of its shares. In 2011, airBaltic served over 3.3 million passengers. Its fleet consists of 34 planes.