In the case of STA -v- OFY, the court considered the
relevant factors applicable to granting an extension of time to
challenge an arbitration award.
Factual background
This was an application by a state government (STA) for an
extension of time to bring a challenge under section 68 of the
Arbitration Act 1996 (the Act) in respect of a final award (the
Final Award).
The arbitration was between STA and the defendant (OFY). The
dispute arose out of what OFY contended was the wrongful
repudiation by STA of a contract, under which OFY was to provide a
fast-track power generation solution (the Contract). OFY's case
was that, because of STA's repudiation, it was entitled to
receive an Early Termination Payment. By the Final Award the
tribunal ordered STA to pay to OFY the full amount of the Early
Termination Payment, namely US$134,348,661 plus interest and costs,
and dismissed STA's counterclaim.
