Point of law: if a preliminary contract of lease of a piece of real estate had been concluded prior to the conclusion of a mortgage contract as to the same real estate, whether the real estate in question remains encumbered by lease in case of bankruptcy of the pledgor (lessor),  and whether it is possible to judicially compel the pledgeholder to conclude  contract of lease?

Alternative attitudes: 1) coercion to conclude contract is not possible, since the right of lease may not originate from a preliminary contract, which is not subject to State registration; the debtor’s obligations secured by the mortgage were already mature; the coercion would not correspond to the aims and consequences of bankruptcy procedure; or 2) coercion is possible, because preliminary contract of lease had been concluded prior to mortgage, and the rights of pledgeholder shall not be violated by leasing out the property in question, because the pledgeholder was included into the register of creditors of the bankrupt debtor, whereas the property subject to lease remains in the latter’s ownership.

Ratio decidendi: the first approach is legally correct.

Practical consequences: the Judgment says that prior court decisions in analogous cases if inconsistent with this interpretation may be reversed in the procedure and within the limits envisaged by Art 311 of the Commercial Procedure Code.