Arbitral Digest

Matter

Libra LLC and others v. Republic of Azerbaijan (ICSID Case No. ARB/23/46)

Libra LLC and others v Republic of Azerbaijan investment arbitration, with records covering award and tribunal constitution, with related court proceedings.

  • Investor-state arbitration
  • Recognition and enforcement of arbitral awards
  • Anti-suit injunctions
  • Interim measures
Case no.
ARB/23/46
Applicable rules
ICSID Arbitration Rules

Procedural record

  1. 8 July 2024Arbitration

    8 July 2024Arbitration

    Decision on the Claimants' Request for Provisional Measures

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected the Claimants' request for provisional measures and deferred a decision on costs.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Carolyn B. Lamm
    Other
    Witness
    Eran Muduroglu

    Authorities cited

    5
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • United Kingdom-Azerbaijan Agreement for the Promotion and Protection of Investments (United Kingdom-Azerbaijan BIT (1996))
      statute
    • Occidental Petroleum Corporation and Occidental Exploration and Production Company v. Republic of Ecuador (ICSID Case No. ARB/06/11)
      case-law
    • Millicom v. Senegal (ICSID Case No. ARB/08/20)
      case-law
    • Sergei Paushok, CJSC Golden East Company and CJSC Vostokneftegaz Company v. The Government of Mongolia (UNCITRAL arbitration, Order on Interim Measures (2008))
      case-law

    5 months and 18 days later · 171 days

  2. 26 December 2024Arbitration

    26 December 2024Arbitration

    Decision on the Claimants' Request for a Temporary Restraining Order

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected the Claimants' request to suspend the auction of Landmark III.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser

    8 days later · 8 days

  3. 3 January 2025Arbitration

    3 January 2025Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal established the procedural rules governing the arbitration and adopted the timetable in Annex B.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • International Bar Association Rules on the Taking of Evidence in International Arbitration (2020) (IBA Rules on the Taking of Evidence in International Arbitration (2020))
      statute
  4. 3 January 2025Arbitration

    3 January 2025Arbitration

    Procedural Order No. 2

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the transparency and confidentiality regime governing the arbitration, including publication rules for awards, orders, decisions, submissions, supporting documents, and hearings.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • United Kingdom-Azerbaijan Agreement for the Promotion and Protection of Investments (United Kingdom-Azerbaijan BIT dated January 4, 1996)
      statute

    2 months and 4 days later · 63 days

  5. 7 March 2025Arbitration

    7 March 2025Arbitration

    Decision on the Claimants' Renewed Request for Provisional Measures

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed the Claimants' Renewed Request, directed the Parties to provide an update on specified tax and travel-ban developments by April 15, 2025, and deferred costs.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser
    Other
    Witness
    Eran Muduroglu

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    1 month and 25 days later · 56 days

  6. 2 May 2025Arbitration

    2 May 2025Arbitration

    Decision on the Respondent's Request for Bifurcation

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal denied the Request for Bifurcation and adopted the procedural timetable in Annex B, Scenario 2 of Procedural Order No. 1.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • Rand v. Serbia
      case-law

    2 months later · 61 days

  7. 2 July 2025Arbitration

    2 July 2025Arbitration

    Decision on the Claimants' Second Renewed Request for Provisional Measures

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal recommended a provisional measure ordering the Respondent to lift the restrictions on Eran Muduroglu's right to leave Azerbaijan and facilitate his departure. The Second Renewed Request was otherwise denied.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Representative
    Eran Muduroglu (For: Estate of Efruz Muduroglu)
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser
    Arbitrator
    Eduardo Zuleta

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    3 months and 28 days later · 120 days

  8. 30 October 2025Arbitration

    30 October 2025Arbitration

    Decision on Respondent's Request for Reconsideration of the Decision on Provisional Measures and Claimants' Request for Sanctions

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal confirmed that the provisional-measures order included the Criminal Tax Investigation Travel Ban, denied the Respondent's Request for Reconsideration, denied the Claimants' requests for daily monetary penalties, suspension of participation, a case management conference, and unilateral publication of pleadings, and invited the Claimants to submit a statement of costs.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser
    Arbitrator
    Eduardo Zuleta

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    27 days later · 27 days

  9. 26 November 2025Arbitration

    26 November 2025Arbitration

    Interim Cost Order

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that, at this stage, only costs related to the provisional-measures order should be awarded and reserved a decision on costs related to earlier unsuccessful requests.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser
    Arbitrator
    Eduardo Zuleta

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    1 month and 14 days later · 44 days

  10. 9 January 2026Arbitration

    9 January 2026Arbitration

    Procedural Order No. 4 - Decision on Document Production Requests

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal decided the Parties' document-production requests in the order and its annexed modified Redfern schedules, applying the ICSID Arbitration Rules, Procedural Order No. 1, and the IBA Rules as a guide.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser
    Arbitrator
    Eduardo Zuleta

    Authorities cited

    2
    • International Bar Association Rules on the Taking of Evidence in International Arbitration (2020) (IBA Rules on the Taking of Evidence in International Arbitration (2020))
      statute
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    5 months and 27 days later · 178 days

  11. 6 July 2026Arbitration

    6 July 2026Arbitration

    Procedural Order No. 5 - Revised Procedural Calendar

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal issued a revised procedural calendar after the proceedings resumed following the appointment of a new President, and informed the Parties that the hearing would take place from September 13 to 21, 2027.

    Participants

    Libra LLC
    Neptun Azerbaijan-British LLC
    Virgo Developments Ltd.
    Estate of Efruz Muduroglu
    Republic of Azerbaijan
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Juan Fernandez-Armesto
    Arbitrator
    D. Brian King
    Arbitrator
    Claus von Wobeser

Matter record

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Libra LLC and others v. Republic of Azerbaijan (ICSID Case No. ARB/23/46) · Matter