Delhi High Court has upheld the ruling of an arbitration panel favoring Reliance Industries and its foreign partners in a dispute over gas migration from fields operated by state-owned Oil and Natural Gas Corp Ltd, a court order shows.
The oil ministry had approached the Delhi High Court after an international arbitration panel rejected its $1.55 billion fine on Reliance and its partners for selling gas that migrated from ONGC's fields in the east coast Krishna-Godavari basin to their block in the same area.
"...the view taken by the arbitral tribunal is most certainly a "possible view," which calls for no interference," the court order said.
(Reuters - Reporting by Nidhi Verma and Arpan Chaturvedi)