KUBAN DEVELOPER WANTS TO BE DECLARED BANKRUPT

Kuban Arbitration in April plans to consider an insolvency claim filed against the company "Gardens of Kiwi" from Sochi. The firm, established in 2018, was engaged in the development of residential and non-residential real estate. One of the well-known projects of the organization was a luxury apartment hotel in Adler, the construction of which was protested by the prosecutor's office.

On March 21, 2023, Konstantin Mashinsky appealed to the arbitration of the Krasnodar Territory, demanding that the developer be declared bankrupt. The very next day, Judge Roman Reshetnikov issued a ruling on the acceptance of the application and the initiation of proceedings in the case (No. A32-14208/2023). The Kuban tax authorities (MI FTS No. 8) are also involved in the case.

Last month, the company became famous in connection with a lawsuit filed against the Russian Federation in the person of the Prosecutor General's Office and the Federal Property Management Agency. The Sochi City Administration and the Vavilov All-Russian Institute of Genetic Resources were also named as defendants. The total amount of claims amounted to 4.9 billion rubles, writes Kommersant.

The basis for the lawsuit was the losses incurred due to the cancellation of the land lease agreement and the loss of the right to build an apartment hotel. The dispute has been going on for a long time. Earlier, the firm also filed applications demanding compensation for losses. In November 2022, the amount of 296 million rubles from the regional administration of the Federal Property Management Agency and the Sochi City Hall was demanded by the co-owner of the business Musayib Ismailov.

The main beneficiary of the company is SMU No. 38, which is headed by Sergey Exuzyan. The volume of investments in the hotel project, according to his estimate, amounted to 1.8 billion. At the same time, a kindergarten for 280 places was given to the city for absolutely nothing, the cost of which is 315 million. The hotel complex consists of 9 buildings on two and three floors, located on a plot of 2.8 hectares.

The developer received a construction permit in the fall of 2020. The decision on this was made by the Central District Court of Sochi. Prior to that, restrictions were introduced into the norms of urban planning legislation prohibiting the construction of capital construction projects in an area closer than 500 meters from the shore. The amendments were adopted in April 2019, but the firm carried out the design and obtaining of construction permits in advance.

The court's decision was later appealed. In April 2022, the developer tried to appeal this verdict. However, the prosecutor's office intervened in the case. As a result, the decision to cancel the construction permit was taken by arbitration, and then the appeal was confirmed.

Photo: Freepik