Newsfeed

Tigran Khzmalyan: Armenia has linked its Noah's Arc to Russia's sinking Titanik that is still selling tickets

Irina Kamkhadze: We see no downward tendency of Visa growth rates in Armenian market

VTB Bank (Armenia) Visa cardholder becomes winner of Summer with VTB campaign and gets a vacation package to Malta for two persons

Delegation of IFC and EBRD visits Amulsar Gold Project site

Oppositionist: The case with ASALA veteran demonstrates state terrorism in Armenia

Armenia's Health Care Ministry organizes a training course to assess local doctors' readiness for Ebola

Naira Zohrabyan: There is no sector in Armenia where human rights are not breached

Speaker of the Armenian parliament agrees to the idea that there are numerous unsettled conceptual problems in the republic

Gabor Brodi: Armenia must not choose between European Union and its neighbors in the region

A delegation of South Caucasus Railway to attend 61st meeting of CIS Rail Transport Council in Baku

Georgian Ambassador: Armenia and Georgia are facing problems in their trade relations

ACBA-Credit Agricole Bank sums up CASHBACK QUEST results

Social Democratic (Hnchakyan) Party (SDHP) urges Armenia's leadership to inform the world community of Ankara's intention to seize Kessab

Heritage: Shant Haroutiunyan was convicted after Serzh Sargsyan's notorious speech at Columbia University in U.S.

Eduard Sharmazanov: Fairy-tales of the Turkish authorities about the Armenian genocide are simply funny

Between October 25-31 the 6th edition of ReAnimania to be held in Yerevan

Opposition MP Nikol Pashinyan urges Armenian Parliament to define concept of political prisoner

Armenian National Congress to do its best to free Shant Harutyunyan and his friends

Expert: Armenia's path and prospects in Eurasian Economic Union are vague

MP: Armenia, which has a ruined agriculture, can offer nothing to Eurasian market

Orphan Rug showcase in Washington is connected with tension in Turkish-US relations, Turkish media report

Naira Zohrabyan: Verdict against Shant Harutyunyan demonstrates that Armenia's judicial system is not independent

Armen Martirosyan: Armenian authorities do not want Armenia to lag behind Azerbaijan by number of political prisoners

OSCE MG Co-Chairs discuss preparations for upcoming summit hosted by French President later this month in Paris

VivaCell-MTS is the General Partner of the International Microelectronics Olympiad of Armenia

Beeline awards winners of My Beeline Armenia contest

RA Ombudsman Karen Andreasyan hosted at VivaCell-MTS

Armenia presents books on Armenian Genocide at Frankfurt Book Fair

Leader of Tseghakron Party Shant Harutyunyan sentenced to 6 years in jail, his son given a 4-year suspended sentence

Habitat for Humanity Armenia with the support of INECOBANK repairs entrances of apartment house in Yerevan's Shengavit community

Tatul Manaseryan: Armenia must not cherish hopes that EEU membership will give it more investments

Raffi Hovannisian hopes the opposition's steps will be clarified on October 24

Alexander Iskandaryan: Peace and war are the two things Russia does not need in the South Caucasus

VTB Bank (Armenia) reopens three more renovated branches

VTB Bank (Armenia) resumes proceedings against Avalon LLC

  • by Karina Melikyan

  • Tuesday, July 15, 16:39

 VTB Bank (Armenia) has once again applied to the first instance court of general jurisdiction of Kentron and Nork-Marash administrative districts of Yerevan to recognize the forcible bankruptcy of Avalon LLC and to collect the latter's debt to the Bank. Avalon LLC is mostly engaged in construction of high-class apartment buildings.        

VTB Bank (Armenia) has told ArmInfo that for the first time the Bank applied to the same court in November 2012. In the course of the proceeding, VTB Bank (Armenia) and Avalon LLC concluded an amicable agreement, and the proceeding was suspended. Under the amicable agreement, the defendant (Avalon LLC) was to pay its debt to VTB Bank (Armenia) within a specific period of time. However, Avalon LLC ignored the commitments fixed in the agreement.    

The source says that before applying to the court for the second time, VTB Bank (Armenia) had repeatedly informed Avalon LLC of the intention to resume the proceeding if Avalon LLC failed to pays its debt.  However, the obligations stipulated in the amicable agreement were not carried out. On 5 March 2014 VTB Bank (Armenia) applied to the first instance court of general jurisdiction of Kentron and Nork-Marash administrative districts of Yerevan to acknowledge the forcible bankruptcy of Avalon LLC for the latter's failure to carry out its debt commitments. The court initiated the relevant proceedings. Avalon LLC requested waiving part of debt in case it repaid the rest of the debt. The Bank, in turn, expressed its readiness to consider that request, however, Avalon LLC still fails to take any steps to repay the debt. 

To note, Avalon LLC is one of the major construction companies in Armenia. The "Dream" high-class block of flats, "Dzorap" residential cluster, Elite Plaza business center, Northern Ray residential cluster, etc. are among the large-scale projects of the company.   

VTB Bank (Armenia) joined VTB Group in April 2004 and is fully owned by VTB Bank, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has 67 branches all over the country (the largest branch network in Armenia). 

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields