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ARTICLE · 28 DECEMBER 2020

Dispute Resolution And Arbitration Monthly Update | December 2020

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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)

IndiaLitigation, Mediation & Arbitration
Faranaaz Karbhari
Faranaaz Karbhari
Pragya Ohri
Pragya Ohri
Kshitiz Khera
Kshitiz Khera
Anukriti Jain
Anukriti Jain
Ishwar Ahuja
Ishwar Ahuja
Kanika Kumar
Kanika Kumar
Asiya Khan
Asiya Khan
Khushboo Rupani
Khushboo Rupani
Mahafrin Mehta
Mahafrin Mehta
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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 of USD 278.87 million to Vedanta. Pursuant to the same, in April 2011, Vedanta made certain adjustments with respect to recovery of the development costs, which were accepted by GoI.

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