MOSCOW, November 30 – RAPSI. The Supreme Commercial Court will not reconsider the lower instance court’s ruling to recover $31.364 million in credit debt from the Su-155 developer in favor of the Nordea bank, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.

“Practically the entire debt amount under the lawsuit has been paid except for the last tranche, which is the largest part of the amount,” the SU-155 press service told RIA Novosti,

The application to reconsider the case was filed by a construction company, but the Supreme Commercial Court found no grounds for this to be done.

SU-155 does not agree with the bank's approach toward the reclamation of the debt and the accrual of interest for the loans. However, the bank's lawyer said the money was supposed to be returned partially in January 2012, but this did not occur.

In February, the Moscow Commercial Court ordered SU-155 to pay Nordea over $31 million in debt. This amount includes the $28.799 million loaned to the company in June 2007, plus interest and penalties.

The initial claim amounted to 719.375 million rubles ($23 million), but was later increased to 773.8 million rubles ($24.8 million).

In August 2011, the bank filed two claims – one for $31 million and the other for $23 million – seeking early repayment for the loans issued in 2007 and 2008. The loans were taken to refinance the company's working capital, but the bank held that the company defaulted on its debt servicing in May 2011.

SU-155 argued that it had overpaid the interest by $1.3 million.

The court ordered the defendant to repay $31.364 million in the first claim. The judgment has entered into force.

SU-155 has been operating on the Russian construction market for over 50 years. It comprises more than 150 independent organizations, including 28 industrial enterprises in 17 cities.

Nordea Bank is a top-30 Russian bank offering banking services to individuals and entities. The Scandinavian Nordea group owns a 100-percent stake in the bank.