See http://legal-dictionary.thefreedictionary.com/stay for an extensive explanation of the concept ‘stay’.

Although 'uitstel' is not wrong per se, the proper legal translation would be 'aanhouding'.

‘Stay’ may also refer to ‘schorsing’ (of enforcement of a judgement).

http://www.google.nl/#hl=nl&cp=24&gs_id=2l&xhr=t&q=rechtbank...

http://nl.vlex.com/vid/-39604402 Rv 351. Schorsing tenuitvoerlegging.

Unfortunately the question does not tell us what type of stay we are dealing with - although given the fact that it relates to 'Commercial Arbitration' I think we can safely rule out a stay of the death penalty ;-)

Since the sentence includes 'grant', I assume that the court has ruled on a request.

As for what kind of request was granted, your options include:
procedure, (rechts)zaak, behandeling, tenuitvoerlegging ... etc.

Hopefully the rest of your text will allow you to figure out which one to choose.