The Constitutional Court of the Russian Federation has satisfied the appeal of Rosseti on its obligations to creditors

The Constitutional Court of the Russian Federation has granted the appeal of PJSC ROSSETI for early fulfillment of obligations to creditors during the reorganization. The court recognized that the right of bondholders to early fulfillment of obligations to them during the reorganization of the issuer is not unconditional. The relevant resolution in the case on the review of the constitutionality of the provisions of paragraph 2 of Article 60 of the Civil Code of the Russian Federation (CC RF) is published on the website of the Constitutional Court of the Russian Federation.

As noted in Rosseti, earlier arbitration courts, considering such creditors' claims, proceeded from the need to actually automatically satisfy claims without assessing the objective consequences of reorganization and with the collection of interest for the use of funds and indexation. At the same time, the court could not accept the arguments of the issuer about its satisfactory financial situation, high credit rating and availability of funds to repay obligations on time.

The Constitutional Court recognized paragraph of Article 60 of the Civil Code of the Russian Federation, which regulates these relations, as unconstitutional, and issued an order to amend the current legal regulation. The court also ordered a review of judicial acts issued, including in cases involving PJSC ROSSETI, in connection with which complaints were filed.

Rosseti recalled that earlier, in connection with the reorganization, PJSC was sued for early repayment of bonds and payment of coupon income in the amount of more than 30 billion rubles. Claims in the amount of 12.5 billion rubles have been settled, to date, more than 2.1 billion rubles of the value of bonds and coupon income have been recovered and paid from the company, as well as 350 million rubles of interest for using other people's funds.

In connection with the consideration of Rosseti's complaints to the Constitutional Court, the Court of Cassation suspended the consideration of the case on the recovery of 15.4 billion rubles from Rosseti. Another case on the recovery of 199 million rubles was suspended on appeal.

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