Summary

Introduction

By an originating application dated 21 December 2023, the Applicant, DKB, as the assignee of a final award arising from a Swiss-seated arbitration between [B] and the Defendant, DKC (the "Award"), sought leave to enforce the Award pursuant to s 29 of the International Arbitration Act 1994 (2020 Rev Ed) (the "IAA"). DKB also sought orders that within 14 days after service of the order granting leave, DKB be at liberty to enter judgment against DKC in an amount of US$ 315,913,988.82.

Leave was granted on 22 December 2023. On 24 April 2024, DKC applied to the court in HC/SUM 1177/2024 to stay the enforcement of the Award pursuant to s 6 of the IAA (the "Stay Application"). On the same day, DKC also applied in HC/SUM 1133/2024 to set aside the enforcement order. I heard the Stay Application on 5 February 2025. On 19 February 2025, I granted the stay subject to conditions. These are my grounds of decision in respect of the Stay Application.

Arbitration - Enforcement - Foreign award - Stay of court proceedings - Mandatory stay under International Arbitration Act - Settlement deed containing arbitration agreement - Arbitration Institute of the Stockholm Chamber of Commerce