CYPRUS: Do Cypriot Courts have jurisdiction to stay the recognition and enforcement proceedings of an International Arbitral Award?
In the Appellate Court Case Attorney General of the Republic of Kenya –v- Bank Fur Arbeit and Wirtschaft AG, it has been held – (adopting the American appellate case HEWLETT PACKART CO INC –V- HEDGE BERG & OTHERS), that the Courts have inherent jurisdiction within the context of the New York Convention to stay the enforcement proceedings of an international arbitral award provided there are strong grounds for exercising same.
In the Hewlett Packard case, the American Court exercising its inherent jurisdiction, stayed the enforcement of an Arbitral Award on the ground that there was a set off claim of the Respondent/debtor to the Arbitral Award which was the subject of a 2nd arbitral case which was pending.
The juridical basis of the Court’s inherent jurisdiction is their authority to uphold, to protect and to fulfill the judicial function of administering justice, according to law in a regular, orderly and effective manner.
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