The Division Bench of the Delhi High Court has reversed the judgment of the single judge which has dismissed the Government of India‘s appeal challenging the arbitral award.
The matter was before the Court after the Union filed an appeal before the Division Bench of the Delhi High Court.
Reliance Industries Limited won an arbitral award issued by an eminent international arbitration panel against the Government of India’s (GOI’s) claim on the KG-D6 Consortium for approximately US $1.55 billion based on alleged gas migration from ONGC’s blocks.
An international arbitration panel has issued an award in favor of Reliance, BP & Niko (Consortium) rejecting completely the claims of the Government of India against the Consortium in respect of migrated gas, by a majority of 2 to 1.
All the contentions of the Consortium have been upheld by the majority with a finding that the Consortium was entitled to produce all gas from its contract area and all claims made by the Government of India have been rejected.
