India high court overturns 2017 arbitration award to HPCL for $113 mln

Pyramid AG

13/02/2019 11:13

NEW DELHI, Feb 13 (Reuters) - An Indian high court has set
aside an arbitration award of more than 8 billion rupees
($113.19 million) owed to India's Hindustan Petroleum Corp Ltd
 HPCL.NS  by Malaysia’s M3nergy  MRGY.UL , according to a court
document reviewed by Reuters.
    In 2017, state-run HPCL was awarded the amount after an
arbitration board found that M3nergy had delayed the finalising
of a consortium agreement which led to the termination of an
exploration contract with India's Oil and Natural Gas Corp
 ONGC.NS , the Economic Times newspaper reported at the time.
    However, the Bombay High Court ruled on Jan. 10 to set aside
the award saying the tribunal which ruled in favour of HPCL had
no jurisdiction to do so, according to court documents uploaded
to the court's public information system on Feb. 11 and reviewed
by Reuters.
    Rishab Gupta, a partner at the Indian law firm Shardul
Amarchand Mangaldas that represents M3nergy, confirmed on
Wednesday the Jan. 10 ruling was for the original 8 billion
rupee amount given in 2017.
    A company spokesman for HPCL was not immediately available
to make a comment when contacted by Reuters. 

     
($1 = 70.6800 Indian rupees)

 (Reporting by Aditya Kalra; editing by Christian Schmollinger)
 ((aditya.kalra@thomsonreuters.com; +91-011-49548021; Reuters
Messaging: aditya.kalra.thomsonreuters.com@reuters.net (Twitter:
@adityakalra))