The Moscow District Commercial Court has set aside the acts entered by the lower courts which, in the claim brought by the bank, had voided the supplemental agreements to the loan contracts with the firm’s clients.
TRUST Bank had challenged the validity of the supplemental agreements concluded with the borrowers extending the repayment deadline for the loans previously extended by the bank and changing the procedure for interest payments on utilization of the loans.
The courts of the first and appellate instances had sided with the bank, voiding the disputed transactions on the basis of Art. 10 and Art. 174(2) of the RF Civil Code. Relying on the judicial acts entered by the lower courts, the bank had been demanding that the borrowers repay the loans and pay a penalty for their untimely repayment (the total amount of the bank’s claims was in excess of RUB 10.5 bln).
The Ost Legal team, comprised of partners Vadim Tsvetkov and Ivan Suzdalev, were successful in getting the Moscow District Commercial Court to set aside the judicial acts previously entered in the case and refer the case for reconsideration.