‘The court’s hearing of the claim laid by Pantheon Ltd. (one of the company’s creditors) against HydroSpetsStroy Ltd. (general contractor of Noviy Grad, the developer) was left over unitl March 1, 2007,’ HydroSpetsStroy’s trustee in bankruptcy Olga Rushitskaya said to UrBC.

‘Pantheon Ltd. demands that it be included in the docket,’ Ms Rushitskaya says.

The Court of Appeal of Perm has already considered the appeal of Ural Alliance, one of Noviy Grad’s creditors. The plaintiff placed a claim with Sverdlovsk Region Court of Arbitration asking to nullify the delivery contract signed by HydroSpetsStroy Ltd. and Pantheon Ltd. The plaintiff claims HydroSpetsStroy tried to make up an imaginary 120,160,000 RUR debt it allegedly had to pay back to Pantheon Ltd. The purpose of this transaction was to get some large-scale creditors on the docket so that they could influence the course of the defendant’s bankruptcy proceedings.

The fictitiousness of the deal has already been proved. Having listened to the arguments proposed by both parties, the court decided that the appeal of Ural Alliance should be allowed, as (according to the Russian Federation Civil Code) a transaction like this is invalid.

HydroSpetsStroy Ltd. is currently in the middle of bankruptcy proceedings; it owes more than 55 million RUR to its creditors.