Sergei Bakeshin assessed for Kommersant the possibility for Eurograd to challenge the claims of the developer Seven Suns Development

Sergei Bakeshin - Counsel

Seven Suns Development Group has recovered RUB 50 mn from the company Evrograd for the failure to meet the deadlines for the construction of an exit from the Ring Motorway. This obligation arose under a deal to sell the developer 17.3 hectares of land in the village of Bugry in the Leningrad region. Evrograd in a counterclaim tried to get Seven Suns Development to pay RUB 756 mn for the acquired land, but the claim was rejected.

The court rejected the claim for penalties for breach of the deadline, but agreed with the untimely commissioning of the exit from the Ring Road, Sergei Bakeshin, Counsel, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, explained to the Kommersant newspaper. If the court correctly established the factual circumstances, Evrograd’s chances of successfully appealing the court decision are low, the expert summarised.

To read the full article (in Russian) please visit Kommersant newspaper >>>