This case will set a remarkable precedent, as it was the first enforcement of an international arbitration award after the 2016 revisions to the Arbitration Act. In particular, the amended Arbitration Act sets forth that recognition and enforcement of an award will be granted by a "decision" rather than a "judgement" so as to expedite the enforcement proceedings.
The Korean company argued that, since a set-aside court proceeding was currently ongoing at the seat of arbitration, the Korean court should adjourn the enforcement proceeding pursuant to Article 6 of the New York Convention. However, through extensive research on the New York Convention and practical experience in the field of international arbitration, Yulchon presented a persuasive argument that the award should be enforced without delay pursuant to the legislative intent behind the 2016 revision and the underlying objective and spirit of the New York Convention. The Korean court held in favor of Yulchon by allowing the award to be enforced notwithstanding the ongoing set-aside proceeding.