An arbitration decision by the Arbitration Institute of the Stockholm Chamber of Commerce still needs to be recognized by an Armenian First Instance Court before any enforcement can proceed, according to Romanos Petrosyan, who was recently appointed as a temporary manager of Electric Networks of Armenia CJSC, 24news.am reports.
Petrosyan stated that the domestic legal process must begin, in line with Armenia’s Law on Commercial Arbitration. He said the claimants “must apply to the First Instance Court, which then has to recognize the decision, issue an enforcement sheet, initiate proceedings, and subsequently, through a court ruling, the decision may become subject to enforcement.”
“This means that a domestic judicial process must commence, within which the Armenian government, through its authorized body, should present all justifications for why it referred the case to the Public Services Regulatory Commission, and the entire procedure leading up to the appointment of the temporary administrator and the priorities of their mandate. This all needs to be substantiated in court,” Petrosyan stated.
He added that only after a court ruling can the matter be considered concluded, or its outcome—whether a win or loss—be determined.
Businessman Samvel Karapetyan’s legal team announced that he had won an urgent arbitration case against the Armenian government. The government responded to the international ruling by emphasizing that all parties must also adhere to Armenian legislation and international agreements that regulate the recognition and enforcement of such decisions.
