The Supreme Court confirmed the legitimacy of AHRF bidding for the Petersburg Tram and Mechanical Plant (PTMZ) The Court of Cassation – for Robespierre, 32
The Supreme Court refused to consider an appeal of the Department of the Federal Antimonopoly Service (UFAS) against the Decision of the Arbitration Court of Northwestern Federal District, declaring invalid the UFAS conclusions on violations as if made by AHRF while publishing the notice of the auction.
Bidding for the sale within the framework of bankruptcy of the territory of the former enterprise with an area of 18.6 he, in Kalininskiy District of St. Petersburg, on Chugunnaya Street, 2, held on 2 June, 2014.
Three companies took part in the auction.
With starting price of 827 million the object was purchased for 992.4 million rubles. The Winner of the Auction became LLC “VTE”.
On the basis of the appeal of a third party, which was not involved in the bidding, and did not show interest in acquiring the object, UFAS came to decision about presence in AHRF actions of violation of the requirements of the Bankruptcy Law regarding publication of the notice on the auction. Thus UFAS has disputed the legitimacy of the auction held.
However, the appeal courts invalidated the acts adopted by UFAS and confirmed the legality of the AHRF procedure for the sale of assets.
A similar situation exists with respect to an object on Robespierre Embankment, 32 (now – Voskresenskaya), – a land plot with an area of 1.3 thousand sq. m.
Auction was held on 24September 24, 2014 within the framework of bankruptcy procedure of CJSC “The First Planning Company” (PPK).
Six bidders took part in the auction.
The plot was sold with 80 percent exceeding of starting price, for 299.8 million rubles (starting price – 171.3 million rubles).
The Winner of the auction – LLC “Investment Company “Garden Ring”.
Immediately after the auction affiliated person of one of the companies which lost appealed to the UFAS with a statement on the violations as if made by AHRF when publishing information message about the auction. On the basis of this appeal UFAS of St. Petersburg determined the availability of violations in the AHRF actions and issued a regulation on annulment the bidding. These acts of the UFAS of St. Petersburg were appealed by AHRF in the court.
The courts of three instances specified a non-availability of violations in the actions of AHRF when bidding in regard to the given land plot, and the acts accepted by the UFAS were declared invalid.
“In both cases the bidders, who did not win, or their affiliated persons tried to challenge transactions by formal features. And both transactions have been made with significant exceeding that, in principle, is unique for the bankruptcy market, where sales are carried out mainly on the basis of public offering (auctions with price decreasing). AHRF has a long-time experience of public trading, including in bankruptcy, and act in strict accordance with current legislation. Therefore, we have been and are still confident in our rightness. Now it is confirmed by appropriate court awards. The main creditor of the both bankrupt companies is Sberbank of Russia. We work in the interests of creditor and fulfill its legitimate right to return funds issued under loan and unpaid” – says Konstantin Raev, First Deputy General Director of OJSC AHRF.