The stratified configuration is one of the basic and most important distributions during two phase flow through horizontal pipes. A number of studies have been carried out to understand gas-liquid stratified flows. However, not much is known regarding the simultaneous flow of two immiscible liquids. There is no guarantee that the information available for gas-liquid cases can be extended to liquid-liquid flows. Therefore, the present work attempts a detailed investigation of liquid-liquid stratified flow through horizontal conduits. Gas-liquid flow exhibits either smooth or wavy stratified orientations, while liquid-liquid flow exhibits other distinct stratified patterns like three layer flow, oil dispersed in water, and water flow, etc. Due to this, regime maps and transition equations available for predicting the regimes in gas-liquid flow cannot be extended for liquid-liquid cases by merely substituting phase physical properties in the equations. Further efforts have been made to estimate the in-situ liquid holdup from experiments and theory. The analysis considers the pronounced effect of surface tension, and attempts to modify the Taitel-Dukler model to account for the curved interface observed in these cases. The curved interface model of Brauner has been validated with experimental data from the present work and those reported in literature. It gives a better prediction of liquid holdup in oil-water flows and reduces to the Taitel-Dukler model for air-water systems.