The bankruptcy estate of the former owner of Orakul gambling clubs, Royal Time Group, which went bankrupt after the closure of the Azov City gambling zone, replenished 83 hectares of land for housing 30 km from Kazan. The Tatarstan Arbitration Court declared the contract of pledge of the plots invalid. Experts say that from their sale it is possible to get 70 million rubles. They note that "Timer Bank", which transferred the right to claim a loan granted under this mortgage, in the framework of bankruptcy of the creditor can only claim for payments "on the residual principle."
The Tatarstan Arbitration Court declared the mortgage agreement terminated, according to which the Royal Time Group, established by Rashid Taymasov, in December 2013 pledged four land plots to Tatfondbank with a total area of 82.9 hectares. They are located in the village of Chiryuchi, Zelenodolsk district of Tatarstan, 30 km from Kazan, and are intended for individual residential development. Their total cadastral value is 97.5 million rubles.
The company transferred land to secure a credit line with a limit of 250 million rubles, which Tatfondbank opened for it to build a hotel complex with the Orakul casino in the Azov City gambling zone. The Royal Time Group invested about 2.3 billion rubles in the creation of a casino and hotel, borrowing a total of 1 billion rubles from Tatfondbank. However, in 2015, the authorities decided to liquidate Azov City, and on December 31, 2018, it was finally closed due to the creation of the Krasnaya Polyana gambling zone on the territory of Olympic facilities in Sochi. Royal Time Group tried to recover losses and lost profit in the amount of 1.36 billion rubles from the Ministry of Finance of the Russian Federation and the Department of Property Relations of the Krasnodar Territory. and 718 million rubles, respectively. She filed a lawsuit in the Moscow Arbitration Court, but the court denied her claims. The company disputes this decision.
The closure of the zone caused financial problems for the Royal Time Group and Rashid Taymasova. It was declared insolvent in the summer of 2018. In August 2019, the Tatarstan Arbitration Court, according to the Royal Time Group itself, declared the company bankrupt with a debt of 1.5 billion rubles.
According to the materials of the Tatarstan Arbitration Court, the subsidiary of Royal Time with a debt of 563.6 million rubles was recognized as the largest creditor of the Royal Time Group. In addition, Ak Bars Bank with the amount of claims of 384.6 million rubles, as well as Timer Bank with 216.9 million rubles were included in the register of creditors.
Note, Timer Bank became the creditor of the company in October 2016, when the debt amounted to 1.13 billion rubles. he was transferred to Tatfondbank. Then, Timer Bank was under the control of Novaya Neftekhimiya LLC, a Tatfondbank shareholder (then, as part of the Timer Bank reorganization, RFK Bank, which is 100% owned by Rosoboronexport of Rostec state corporation, became its sole shareholder). Timer Bank demanded to include it in the register of Royal Time Group creditors in the amount of 1.5 billion rubles, but the court recognized the debt only in the amount of 216.9 million rubles.
The Tatarstan Arbitration Court declared the mortgage agreement terminated, according to which the Royal Time Group, established by Rashid Taymasov, in December 2013 pledged four land plots to Tatfondbank with a total area of 82.9 hectares. They are located in the village of Chiryuchi, Zelenodolsk district of Tatarstan, 30 km from Kazan, and are intended for individual residential development. Their total cadastral value is 97.5 million rubles.
The company transferred land to secure a credit line with a limit of 250 million rubles, which Tatfondbank opened for it to build a hotel complex with the Orakul casino in the Azov City gambling zone. The Royal Time Group invested about 2.3 billion rubles in the creation of a casino and hotel, borrowing a total of 1 billion rubles from Tatfondbank. However, in 2015, the authorities decided to liquidate Azov City, and on December 31, 2018, it was finally closed due to the creation of the Krasnaya Polyana gambling zone on the territory of Olympic facilities in Sochi. Royal Time Group tried to recover losses and lost profit in the amount of 1.36 billion rubles from the Ministry of Finance of the Russian Federation and the Department of Property Relations of the Krasnodar Territory. and 718 million rubles, respectively. She filed a lawsuit in the Moscow Arbitration Court, but the court denied her claims. The company disputes this decision.
The closure of the zone caused financial problems for the Royal Time Group and Rashid Taymasova. It was declared insolvent in the summer of 2018. In August 2019, the Tatarstan Arbitration Court, according to the Royal Time Group itself, declared the company bankrupt with a debt of 1.5 billion rubles.
According to the materials of the Tatarstan Arbitration Court, the subsidiary of Royal Time with a debt of 563.6 million rubles was recognized as the largest creditor of the Royal Time Group. In addition, Ak Bars Bank with the amount of claims of 384.6 million rubles, as well as Timer Bank with 216.9 million rubles were included in the register of creditors.
Note, Timer Bank became the creditor of the company in October 2016, when the debt amounted to 1.13 billion rubles. he was transferred to Tatfondbank. Then, Timer Bank was under the control of Novaya Neftekhimiya LLC, a Tatfondbank shareholder (then, as part of the Timer Bank reorganization, RFK Bank, which is 100% owned by Rosoboronexport of Rostec state corporation, became its sole shareholder). Timer Bank demanded to include it in the register of Royal Time Group creditors in the amount of 1.5 billion rubles, but the court recognized the debt only in the amount of 216.9 million rubles.
The cessation of “Timer Bank” rights to claim credit occurred without the simultaneous transfer of rights under a mortgage agreement. “With the termination of the Tatfondbank PJSC claim rights under the main obligation and the transfer of claims under the loan agreement to another person without burdening with pledge, the pledge obligation in favor of the defendant by the direct instruction of the law has ceased,” the arbitration court said in a decision.
As a result, the land plots in Chiryuchi will replenish the loan stock of Royal Time Group. According to Kommersant’s bankruptcy manager Ivan Kondratyev, they will be evaluated and implemented.
Experts say that for them it is possible to gain “below the border from the market price for land in this area” - 50–70 million rubles. taking into account that the plots are not a single object, being at a distance from each other. But the managing partner of the Veta expert group, Ilya Zharsky, believes that they are “merged” and can be purchased for production facilities or storage facilities. “Most likely, this will be one buyer, since individually such sites may be of interest to investors only for the purpose of resale or further commercial construction. Given their close proximity to the Kazan Highway, as well as their small distance from Kazan, these sites may be of interest to both developers and industrial companies, ”Mr. Zharsky said.
Pavel Ikkert, a partner at NAFCO Law Firm, noted that the lack of collateral on these lands deprives Timer Bank of its advantages in the case of the Royal Time Group bankruptcy. “He will participate in bankruptcy on a common basis, and his requirements will be satisfied on a residual basis in the third stage, among others included in the register,” Mr. Ikkert said.
As a result, the land plots in Chiryuchi will replenish the loan stock of Royal Time Group. According to Kommersant’s bankruptcy manager Ivan Kondratyev, they will be evaluated and implemented.
Experts say that for them it is possible to gain “below the border from the market price for land in this area” - 50–70 million rubles. taking into account that the plots are not a single object, being at a distance from each other. But the managing partner of the Veta expert group, Ilya Zharsky, believes that they are “merged” and can be purchased for production facilities or storage facilities. “Most likely, this will be one buyer, since individually such sites may be of interest to investors only for the purpose of resale or further commercial construction. Given their close proximity to the Kazan Highway, as well as their small distance from Kazan, these sites may be of interest to both developers and industrial companies, ”Mr. Zharsky said.
Pavel Ikkert, a partner at NAFCO Law Firm, noted that the lack of collateral on these lands deprives Timer Bank of its advantages in the case of the Royal Time Group bankruptcy. “He will participate in bankruptcy on a common basis, and his requirements will be satisfied on a residual basis in the third stage, among others included in the register,” Mr. Ikkert said.
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