Watchdog faces lawsuit over KMV airline's license revocation
MOSCOW, February 7 - RAPSI. The National Reserve Bank filed for the invalidation of the watchdog's decision to revoke the operating license of Kavminvodyavia, better known as KMV.
The bank is Kavminvodyavia's creditor.
"The bank has lodged a request with the Moscow Commercial Court to invalidate the revocation of the Kavminvodyavia airline's operator certificate by the Federal Air Transport Agency in September," the report reads.
In December, a commercial court sided with the bank in its application for interim relief in the airline's 490 million ruble ($16.2 million) debt recovery case.
The largest air carrier in the North Caucasus Kavminvodavia was set to wind up work as part of its reorganization and assets transfer to Aeroflot on October 1, 2011, but its operator certificate was revoked as the airline no longer met its financial and economic standards and had to cease its operation on September 28.