Krastiv, who defeated K Priyadarshan of India in the tenth and final round to finish on top, took home the winner's purse of Rupees 3 lakhs from a prize pool of Rs 11 lakhs that was on offer in the tournament held at the suburban Goregaon Sports Club.
Paichadze had to be content with Rs 2 lakhs while GM Nguyen Duc from Vietnam, who was third, pocketed Rs 1 lakh.
In the crucial tie between Krastiv and Priyadarshan, the latter - playing with black pieces - adopted the two Knights' defense - an opening which offers attacking possibilities at the cost of a pawn.
The other Indian in sight of the title, GM R R Laxman, was not equal to the task against Paichadze. The game from Queen's Indian opening witnessed heavy exchange of material from the early middle game and Laxman sacrificed his Queen for two Rooks of Luka.
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The game was even at this stage but Laxman failed to find proper continuation, which allowed Luka to win one pawn and create a dangerous passed pawn and clinch victory on move 36.
The prize for the best woman player was won jointly by WFM Rucha Pujari and WGM Bhakti Kulkarni while Abhimanyu Puranik and Siva Mahadevan were able to win their International Masters norm.
Final positions: 1. Kravtsiv Martyn, Ukrine, 8 points; 2. Paichadze Luka, Georgia, 8; 3. Nguyen Duc Hoa, Vietnam, 7.5; 4. Alexander Zubov, Ukrine,7.5; 5. Dmitry Kokarev, Russia, 7; 6. R R Laxman, India, 7; 7. K Priyadharshan, India, 7; 8. Mchedlishvili Mikeil, Georgia, 7; 9. Smirnov Pavel, Russia, 7; 10. Sivuk Vitaly, Ukraine, 7.