CYPRUS: Dispute arising out from a Shareholders Agreement containing an arbitration clause - Applicability of Law 101/87 adopting in the Republic of Cyprus of the Uncitral Model Law on International Commercial Arbitration (“the Law”).
In a recent case, filed by the Claimant of an LCIA arbitration case, before a Cyprus Court to obtain interim relief in aid and in support of his LCIA arbitration claim, pursuant to the Law, the Cyprus Court examined and decided, whether a dispute arising out, from a Shareholder’s Agreement, falls within the meaning of the term “commercial”, contained in the Law, which is a requirement provided in the Law, for the jurisdiction of Cyprus Courts, to grant to the Claimant of such interim relief.
The Cyprus Court after reviewing the provisions of the Shareholder’s Agreement, decided and ruled, that such a dispute falled within the term “commercial”, provided in the Law and that it had jurisdiction to grant the requested interim relief in aid and in support of the LCIA arbitral claim.
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