Court to hear appeal in $20 mln dispute between Alfa-Bank and textile factory
MOSCOW, November 3 - RAPSI, Alyona Yegorova. An appeals court will hear on November 22 an appeal filed by a Moscow-based major knitwear factory against the court's decision to award $20 million to Alfa-Bank, the court told the Russian Legal Information Agency (RAPSI).
The factory challenged the Moscow Commercial Court's August decision to recover roughly $20 million from the factory, a loan debtor, and a construction company, the guarantor for the loan, including $19.26 in principal debt.
Alfa-Bank granted the loan to the factory in February 2007.
Founded in 1990, Alfa-Bank is the largest private bank in Russia in terms of assets, capital and client accounts.
The court also enforced a building in Moscow pledged as a security for the loan. The opening selling price of the property was set at $51.13 million.
The court held against the factory's counterclaim to declare the mortgage agreement null and void.
The court satisfied the banks claim partially as it initially demanded nearly $22 million.