Cypriot Courts Do Not Have Jurisdiction To Adjudicate On An Application For Enforcement Of Foreign Judgments And Foreign Arbitration Awards When Both Applicant Judgment Creditor And Respondent Judgment Debtor Reside Outside Cyprus
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In the recent Appellate case of VTB BANK -V- TARUTA, the Appellate Court decided that Cypriot Courts do not have jurisdiction under Law 121 (1)/2000 for the enforcement
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In the recent Appellate case of VTB BANK -V- TARUTA, the
Appellate Court decided that Cypriot Courts do not have
jurisdiction under Law 121 (1)/2000 for the enforcement and
recognition of foreign judgment or foreign arbitral awards, when
both the judgment creditor, and judgment debtor, reside outside
Cyprus.
The Appellate Court upheld the decision of the 1st Instant Court
by which the enforcement application of VTB for enforcement of a
Russian judgment as per Bilateral Treaty and the ex parte freezing
injunction obtained had been dismissed summarily due to lack of
jurisdiction of Cypriot Courts as per Bilateral Treaty, as well as
the Law 121 (1)/2000.
The above appellate decision provides clear guidance on the
interpretation and applicability of the Law 121 (1)/2000, which
regulates the procedure of recognition and enforcement of foreign
judgments and foreign arbitral awards in Cyprus.
Our lawfirm acted for the winning party.
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