CIT Capital can’t go to arbitration court

11 August 2010 (15:44)

OAO CIT Capital was not allowed to transfer its case regarding the annulment of a land-renting agreement to Sverdlovsk Region Arbitration Court. The 12th Arbitration Court of Appeals supported the ruling of Saratov Region Arbitration Court, SaratovBusinessConsulting Information Agency reports.
Now Saratov city council appealed to arbitration court in order to have its land-renting agreement annulled. The agreement concerned an 8.8-hectare allotment in Ust-Kurdyumskiy tract next to the turn to Zonalniy and was signed by the city council and Yekaterinburg-based CIT Capital in 2005. The latter was originally planning to put up a shopping center there, but this plan was never implemented.
The defendant asked for the case to be transferred to Sverdlovsk Region Arbitration Court; the court of primary jurisdiction rejected this claim, so CIT Capital tried to contest this verdict in the 12th Arbitration Court of Appeals
Having looked into the papers relevant to the case, the appeals court supported the earlier ruling as both legitimate and well-grounded.

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