AGI – Rre Participations 1 Limited, through its agent Alpha Bank Romania SA, filed a suit for the initiation of insolvency procedures against the company Asmita Gardens SRL, which was in charge of the Asmita Gardens project, Money.ro reports. The court hearing was scheduled for February 16, 2012, according to the suit filed at the Bucharest Court. The Asmita project, which includes seven blocks, presupposed a EUR 120 M-investment, out of which EUR 70 M came from a loan contracted at Alpha Bank. This spring, the project lost its sales team and the website was blocked. According to the latest financial report of the company European Convergence Development Company (ECDC), belonging to the investment fund Charlemagne Capital, which owns 50 pc of the project, the Asmita project was the object of several legal disputes, some of which were settled.