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Representation of the Company’s interests in a number of disputes with OJSC
Aeroflot – Russian Airlines regarding the supply of six Il-96-300 aircrafts.
OJSC Ilyushin Finance & Co.
Ilyushin Finance & Co. (IFK) was founded in 1999 with the participation of Aviation Complex S.V.Ilyushin to finance the supply of civil aircraft of Russian manufacture to the domestic and international markets. In August 2001, the company won a tender for state support for leasing programmes and, since December 2001, the Russian Federation has been one of the biggest shareholders in the company. In 2007, IFK joined OJSC Unified Aviation-construction Corporation (ОАК) as its key sales unit.
The Project:
Representation of the Company’s interests in a number of disputes with OJSC
Aeroflot – Russian Airlines regarding the supply of six Il-96-300 aircrafts.
Project term:
2005 – 2008.
Project description:
A contract for supply of six Il-96-300 aircraft, concluded by the air carrier and the leasing company in 2005 was the subject of a dispute between the parties that lasted for many years. Aeroflot completed its corporate approval procedures for the transaction in September 2005 but had not started making payments for the aircraft by mid-2006, unjustifiably demanding bank guarantees from IFK. In August 2006, Aeroflot filed a suit with the Moscow State Arbitration Court for IFK to be required to present these guarantees but the courts of all instances refused to satisfy the airline’s claims.
In parallel, the parties were also disputing replacement of passenger versions of the aircraft to be supplied with cargo ones. The result was the signing of a contract for supply of six Il-96-400Т cargo aircraft to replace the disputed contract for supply of six Il-96-300. Even so, Aeroflot resolved to have supply of these aircraft determined by court ruling.
As a result of combined work by specialists of Vegas Lex and the Client’s law department, on 14 January, 2009, the Federal Arbitration Court of the Moscow Circuit decided the case in favour of the company Ilyushin Finance Co., rejecting Aeroflot’s claims in full. Thanks to the favourable outcome of the case, the Client saved over $400 million.
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