In the CASE STOCKMAN INTERHOLD –V- ARRICANO TRADING LTD & OTHERS the District Court of Limassol held inter alia (following and adopting English case law) that an international arbitral award may be recognized and enforced, either by the summary procedure stated in the New York Convention, or at common law, by filing of an action on the basis of the arbitral award.
The court based its decision on inter alia Article VII on New York Convention, which provides expressly that the provisions of New York Convention, do not limit, or extinguish, the right of any interested party from exercising any rights, may have in accordance with the legal system of the country, where enforcement is sought. Under common law principles, a foreign arbitral award may be enforced by an action, or counterclaim based on the arbitral award.
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