RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of April 17, 2006 No./12532

(extraction)

The economic court does not approve the voluntary settlement if its conditions contradict the legislation.

D LLC appealed to economic court with the claim to the Tashkent state agricultural university for collection of 49314048 bags, including the amount of principal debt in the amount of 33564048 bags and penalty in the amount of 15750000 bags.

Claims are satisfied by the judgment of December 21, 2005 partially. The amount of principal debt in the amount of 33546048 bags penalty fee in the amount of 7875000 bags is collected from the defendant for benefit of the claimant.

The head of D LLC is brought by the resolution of December 21, 2005 to the administrative responsibility.

Proceeedings are stopped by determination of January 24, 2006 based on Item 7 of Article 86 of the Economic Procedure Code of the Republic of Uzbekistan (between the parties the voluntary settlement is signed and it is approved by economic court).

In appeal procedure case was not considered. The petition for appeal of D LLC is returned by determination of February 25, 2006.

Without having agreed with the above-named determinations, the claimant appealed to the Supreme Economic Court with the writ of appeal where the question of their cancellation is put.

Judicial board, having studied case papers, having discussed arguments of the writ of appeal, considers the claim reasonable partially on the following bases.

As it is seen from case papers, after decision making on the substance of dispute, the parties brought the voluntary settlement which was asked to approve into economic court.

Having considered conditions of the voluntary settlement, the court approved it and stopped proceeedings, referring to Item 7 of Art. 86 of HPK RUZ.

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