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Regional

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). 

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