WILL ELECTRONIC AUCTION BE CANCELED?

A1+
[03:22 pm] 19 December, 2008

Armenia’s Compulsory Execution Service (CES) is scheduled to put up the
assets and the right of property of Bjni Company for electronic auction
on December 19. The auction hasn’t started yet. There is no information
about the pending auction available on the service’s website wither.

CES Spokesman Ruben Grzelyan couldn’t give us any definite information
about the auction. Still yesterday it was supposed that the action
would be canceled as one of the creditors -"Saturn ShinMontaj" brought
in an action against recognising the bankruptcy of Bjni Ltd. The
Northern Civil Court noted the claim and appointed a temporary
administrator.

Grzelyan says they haven’t got an official recognition of the company’s
bankruptcy which would allow them to cancel the auction.

Ruben Grzelyan also added that yesterday the company’s administration
petitioned them to withdraw the action relying on the court’s
decision. "They have attached a copy of the court decision to
the petition. Yet, we cannot dismiss the case on that ground. The
court must officially inform us about its decision," note the CES
Spokesman. He promised to give us a concrete answer within two hours.

Advocate of the Bjni Company Ara Zohrabyan noted that if a suit is
filed against bankruptcy, the Service of Compulsory Execution must
dismiss the case.