MOSCOW, September 1 - RAPSI, Dmitry Shchitov. The Lipetsk Region Commercial Court has rejected the Federal Tax Services application for the seizure of property owned by the Nastyusha Lipetsk Agricultural Firm (part of the Nastyusha grain company, a leading Russian grain processor), a court official told the Russian Legal Information Agency (RAPSI).

The seizure was requested by tax authorities as part of the firms bankruptcy proceedings.

The tax service filed its seizure application due to the agricultural companys outstanding debt, absence of liquidity and operating capital, as well as the continuing deterioration of its financial condition.

Nevertheless, the court held against the application.

The court is set to hear the companys bankruptcy petition on September 13.

Nastyusha was founded in 1992. The group comprises grain producers, grain storage and processing companies, as well as bakeries.