The Delhi High Court rejected the order in which the arbitration decision given in favor of Reliance Industries and its partners was upheld. A bench of Justice Rekha Palli and Justice Saurabh Banerjee accepted the central government’s appeal, challenging the single judge’s decision of May 9, 2023.
The verdict was passed in favor of Mukesh Ambani -owned Reliance Industries Limited (RIL). The single judge maintained the arbitration decision, stating that he does not agree to believe that the conclusions drawn by the mediation tribunal are such that no prudent person can reach.
The single judge had said, “It is enough to say that the approach taken by the Mediator Tribunal is definitely a ‘potential approach’, which does not require any intervention.
In the sequence of the above discussion, this court does not get any basis to intervene in the intermediary decision of the majority; Which is maintained accordingly. ” At present, no comments could be received from the company.
However, they can knock the door to the Supreme Court to challenge the High Court’s decision. An international arbitration tribunal rejected the $ 1.55 billion claim of the Government of India against RIL and its partners in July 2018, alleging that they had taken out gas from such reserves, which they had no right to exploit .
In the information given to the stock market, Reliance said that the three-member committee has also ordered a compensation of $ 83 million to the three partners with a 2–1 majority.
