Dispute Resolution And Arbitration Monthly Update | December 2020 - Litigation, Mediation & Arbitration
Govt of India v. Vedanta Ltd & Ors Civil Appeal No. 3185 OF 2020 (Arising out of SLP (Civil) No.7172 of 2020 Background facts On October 28, 1994, a Production Sharing Contract (PSC) was executed between the parties and Oil and Natural Gas Corp Ltd (ONGC) for development of Ravva Oil and Gas Field (Ravva Field). Subsequently, disputes arose between parties with respect to recovery of development costs, which were referred to arbitration seated in Malaysia. On January 18, 2011, Arbitral Tribunal in Malaysia passed an Award (Award) whereby the Govt of India (GoI) was directed to pay an amount o...
Source: mondaq.com