RESOLUTION OF THE PLENUM OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of November 28, 2014 No. 269

About some questions of application by economic courts of regulations of the civil legislation on invalidity of transactions

For the purpose of ensuring the correct and uniform application by economic courts of the acts of the legislation regulating invalidity of transactions, being guided by article 47 of the Law of the Republic of Uzbekistan "About courts", the Plenum of the Supreme Economic Court of the Republic of Uzbekistan decides:

1. In case of the dispute resolution, the transactions connected with invalidity, economic courts (further - courts) need to be guided by regulations of the Civil code of the Republic of Uzbekistan (further - group of companies), the Economic Procedure Code of the Republic of Uzbekistan (further - EPK), the Law of the Republic of Uzbekistan "About the contractual legal base of activities of business entities" (further - the Law) and other acts of the legislation.

2. Draw the attention of courts that regulations of group of companies about invalidity of transactions are applied both to unilateral, and to bilateral and multilateral transactions.

3. Courts should distinguish concept of recognition of the transaction invalid from agreement cancelation. Difference of invalidity of the transaction from agreement cancelation is as follows:

recognition of the transaction invalid is allowed on the bases provided by Articles 115 - 126 groups of companies, and the bases of agreement cancelation are provided in Articles 382-383 of group of companies;

the basis of invalidity of the transaction is its illegality, and agreement cancelation - approach of the circumstances attracting agreement cancelation, at the same time its legality is not disputed;

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