RUB 170 mln was recovered to the bankruptcy estate through the court of appeal
The Debtor and a third-party bank entered into loan agreements worth of RUB 170 mln in total. The obligations under the loan agreements were performed ahead of schedule.
However, as of the date of disputed payments, official public sources contained information pointing at improper performance by the Debtor of its obligations to the other Creditors. In addition, the debt was repaid from the income received from business activities.
The court invalidated the payments to a third-party bank against payables and applied the consequences of invalidity of transactions.
The appellate bench noted that the issue concerning the restoration of the third-party bank’s rights may be resolved after the property under the invalidated transaction is returned to the bankruptcy estate in the manner prescribed by Resolution of the Plenary Session of the Supreme Arbitration Court of the Russian Federation No. 63 dated 23 December 2010.