HC Overturns RIL Arbitration Award in $1.7 Billion Gas Dispute

In a setback for the Mukesh Ambani-led Reliance Industries Ltd (RIL), the Delhi High Court's (HC) division bench on Friday overturned an international arbitration tribunal's ruling that had previously favoured the company in its $1.7 billion dispute with Oil and Natural Gas Corp. Ltd (ONGC) over alleged gas migration from adjoining fields.

- Krishna Yadav

NEW DELHI:

The bench, comprising justices Rekha Palli and Saurabh Banerjee, also set aside a May 2023 single bench ruling that had upheld the 2018 arbitration award rejecting the government's claim.

The court, in its ruling, stated: "In view of the above, we are setting aside the impugned order dated 9 May 2023, passed by the learned single judge, and the arbitral award issued by the arbitral tribunal in 2018, as it is contrary to the settled position of law. All pending applications, if any, stand disposed of, with each party bearing its own costs."