MOSCOW, March 27 - RAPSI. The Stavropol Territory Commercial Court has awarded the National Reserve Bank $11 million in debt from Kavminvodavia airline.

The Moscow Commercial Court will hear on March 30 the lawsuit to invalidate the revocation of the airline's license by the air transport regulator.

The lawsuit was filed by the National Reserve Bank as its major creditor who believes the revocation was groundless.

The bank stated in court that the airline's September audit revealed its unsatisfactory financial status. In the plaintiff's view it just cannot be a sufficient reason for the license withdrawal because the airline met all other standards.

Moreover there was no proof that such financial conditions jeopardize air transportation safety.

According to the bank the airline received a 490 million rubles ($16.7 million) loan right before the audit but the watchdog failed to take it into account.

The regulator argues that the license revocation does not affect the bank's interests therefore it cannot act as the plaintiff. It also insists that the license was taken away lawfully.

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was set to wind up work as part of its reorganization and assets transfer to Aeroflot on October 1, but its license was revoked on September 28.

The bank's website reads that 59.83 percent of its shares are held by the National Reserve Corporation, controlled by Evening Standard and The Independent owner Alexander Lebedev.