KAZ MED PROM LLP v BESIR YUSUFOGULLARI – SARE TOPTAN GIDA

The Claimant applied to the AIFC Court for recognition and enforcement of an arbitral award issued by the International Arbitration Centre (IAC) concerning an unpaid commercial debt. The Court found the application justified and ordered the Defendant to pay USD 601,200, comprising the principal debt, contractual penalty, and KZT 2,000,000 in arbitration costs. The Court recognized and enforced the award while granting the Defendant 14 days to apply to set aside the enforcement order, during which enforcement would be stayed. Download PDF