The Head of the Disputes Committee Abroad of the Libyan Litigation Department of the Supreme Judicial Council announced today that it succeeded in obtaining a ruling from the French Court of Cassation dated 9 October 2024 which overturned and cancelled the ruling issued on 14 March 2023 by the Paris Court of Appeal in all its parts.
The case involved an initial ruling to Turkish company ‘Itrak’ for US$ 21,344,404.
The ruling also stipulated to return the case and the parties to the state they were in before this ruling and refer them to the Court of Appeal in Paris with a different formation.
The facts of the case go back to Appeal No. 14368. 23. filed on behalf of the Libyan state against Itrak before the French Court of Cassation, appealing the ruling issued by the Paris Court of Appeal issued on March 14, 2023.
That ruling had upheld the ruling issued by the Paris Court of First Instance granting the executive formula to the arbitration award issued by the Paris Chamber of Commerce in favour of Itrak Company, which obligated the State of Libya to pay an amount of 21,344,404 million dollars with expenses.
