Orion sought enforcement of a foreign arbitration award in France. The principal amount was subject to annual interest based on Libor [The London Interbank Offered Rate]. The enforcement was contested by the other party.
The Cour de Cassation ruled that:
– In the framework of enforcement, the judge may not substitute one interest rate with another without modifying the award.
– The award may be enforced only with respect to its principal amount.
– The creditor could have applied for interpretation of the award, and to fix the interest rate of the claim, and is thus not considered as deprived of his/her right to a fair trial.
– The fact that the parties did not request the interpretation of the award by the arbitral tribunal does not entitle them to submit the matter to the State court.