New Delhi, Feb. 15 -- 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.
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...