Cukurova v Alfa Telecom Turkey
JCPC decision in Cukurova v Alfa Telecom
5 February 2014
This morning's Judicial Committee of the Privy Council hearing in the case of Cukurova Finance International Limited and Another (Appellants) v Alfa Telecom Turkey Limited (Respondent) has now concluded.
Following a hearing on 23 July and its judgment of 29 July 2013 (concerning an application by Cukurova to vary the terms on which relief from forfeiture was accorded), the JCPC provided for an application to be made by the parties to set a cut-off date for payment of the redemption sum, either following a change of circumstances or any time after 1 December 2013.
ATT applied for such a cut-off date for the payment and today, following a brief hearing and opportunities for the parties to discuss their positions, the Board decided that the current suspension of the payment deadline should be continued until such time as the New York Court of Appeals for the 2nd Circuit reaches its decision on the case before it.
The Board will order that the deadline for payment by Cukurova will be 60 days following any discharge of the injunction ordered by the Court of Appeals for the 2nd Circuit (or 60 days following any dissolution of such, by the agreement of the parties). Interest will run from 19 days of the relevant date.
Either party has liberty to apply for permission to vary the Board's order.
The Board added that, while it was obviously a matter for the Court of Appeals for the 2nd Circuit, it would greatly assist the expeditious resolution of the present dispute if that Court was able to reach its decision soon.
We will continue to keep you updated with news of this matter.
You may wish to note that a hearing by the JCPC in a related matter (Cukurova Holdings v Sonera Holdings) is scheduled for 25/25 February 2014.