In the High Court of Justice Queen's Bench Division Commercial Court
in the Matter of the Arbitration Act 1996 and in the Matter of an Arbitration, Case No. 2019-05
This is an application by the Government of STA ('STA') under CPR r. 62(9) for an extension of time to bring a challenge under s. 68 Arbitration Act 1996 ('the Act') in respect of a Final Award dated 26 January 2021 ('the Final Award').
The Final Award was made by a Tribunal consisting of three arbitrators ('the Tribunal'). The arbitration was between STA and the Defendant ('OFY'), and had been conducted under the 2013 Arbitration Rules of the United Nations Commission on International Trade Law (the 'UNCITRAL Rules').
The dispute between the parties arose out of what OFY contended was the wrongful repudiation by STA in February 2018 of a contract, under which OFY was to provide a fast-track power generation solution, involving the relocation of two aeroderivative gas turbine power plants to STA (the 'Contract'). OFY's case was that, because of STA's repudiation, it was entitled to receive an 'Early Termination Payment' (as defined in the Contract). By the Final Award the Tribunal ordered STA to pay to OFY the full amount of the Early Termination Payment, namely US$134,348,661 plus interest and costs, and dismissed STA's counterclaim.