At the end of 2010, VEB-Leasing purchased about 7,000 railroad cars leased to third parties through a series of transactions from Inpromleasing (currently Promoinvest-M). Several months later, Inpromleasing initiated its own bankruptcy proceedings through a controlled company.
Under the bankruptcy proceedings, the bankruptcy manager successfully challenged the purchase and filed a claim against VEB-Leasing seeking to recover over RUB 12 b of the income generated by the railcars use. The claimant argued that this income was constituted by all the leasing payments received by the client over the period running from the entering into the SPA till the entry into force of the court decision invalidating it.
Attorneys of Egorov Puginsky Afanasiev & Partners managed to convince the first- and the appellate-instance courts that the bankruptcy manager claims shall be considered under the claimant bankruptcy proceedings, and the client had no income, as the total amount of the leasing payments received would not even cover 80% of the VEB-Leasing expenses. Following a court hearing held on February 19, 2018, the Moscow Circuit Arbitrazh Court upheld the judgments dismissing the claim.
VEB-Leasing was represented by Valery Eremenko, partner, co-head of the litigation practice, counsel Alina Kudriavtseva and associates Alexander Podgorniy and Dmitry Perunov.