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Court overturns award to Hindustan Petroleum from Malaysia's M3nergy


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

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

NEW DELHI: 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 by Malaysia’s M3nergy, 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 , the Economic Times newspaper reported at the time.

Corporate News , Oil & Gas

   

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