ONGC-Afcons issue: Former CJI Dipak Misra, Justice TS Thakur appointed arbitrators

Former Chief Justices of India (CJI), Justice Dipak Misra and Justice T.S. Thakur, have been appointed as the arbitrators in the dispute between the Oil & Natural Gas Corporation (ONGC) and Afcons Gunanusa.

Justice Dipak Misra, Justice TS Thakur, Oil and Natural Gas Corporation, ONGC, Afcons Gunanusa,

The Supreme Court was apprised about the development by the Counsels for ONGC and Afcons. 

The Bench of Justice D.Y. Chandrachud, Justice Sanjiv Khanna and Justice Surya have passed an order that ONGC has nominated Justice Thakur as its nominee arbitrator, while Justice Mishra has been nominated for Afcons.

The Court later on asked the newly- appointed arbitrators to appoint a third arbitrator as per the provisions of the Arbitration and Conciliation Act of 1996.

The court said that Dr Abhishek Manu Singhvi, senior counsel appearing on behalf of the respondent, states that Afcons Gunanusa JV has nominated Shri Justice Dipak Misra, former Chief Justice of India as their nominee Arbitrator. 

K.K. Venugopal, Attorney General for India, states that ONGC Ltd has nominated Justice T.S. Thakur, former Chief Justice of India, as their nominee Arbitrator. 

The two Arbitrators were requested to proceed to appoint the third Arbitrator in terms of the provisions of the Arbitration and Conciliation Act 1996.

The Court was also apprised about the fact that both the parties have agreed that the venue of arbitration shall be Delhi.

The top court directed that the Arbitral Tribunal shall continue from the stage which was reached before the earlier tribunal.

The pleadings, evidence and documents which were before the earlier Tribunal, shall be transmitted to the newly constituted arbitral tribunal.

The parties have agreed that the fees of the Arbitrators shall be paid in accordance with the Fourth Schedule to the Arbitration and Conciliation Act 1996.

The Apex Court got this case when ONGC asked for termination of the mandate of an arbitral tribunal, and sought substitution of a fresh set of arbitrators after their fee was sought to be revised.

The argument by the petitioner was that once the fee payable to the arbitrators was decided, the arbitrators must either accept their appointment on the terms agreed in the contract or refuse the arbitration then and there.

The post ONGC-Afcons issue: Former CJI Dipak Misra, Justice TS Thakur appointed arbitrators appeared first on India Legal.



from India Legal https://ift.tt/RZbUrhY

Popular posts from this blog

What Is Solana: A Description, Use Cases, Prospects

Most traders focus on well-known cryptos only, like BTC or Ether. However, today, there are many other blockchain networks that are worth considering. And some of them, for example, Solana, even have ambitions to force current leaders out. Thus, we offer you to get acquainted with this coin without a delay. Solana (SOL) is one of the blockchain platforms created for performing transactions at a high speed and at a cheap price similar to other networks of this kind. Likewise, it can be utilized for trading, paying for diversified goods and services, performing smart contracts, creating NFTs, accessing decentralized financial opportunities, for example, loans, etc. Yet, when one asks the question “ What is Solana? ”, one usually wants to find out if it is worth buying, in the first place. Thus, we must note right away that this network outcompetes other popular platforms both in terms of speed and in terms of costs. To be more precise, it can process 13 deals per second, while Bitcoin ...
Read more

FX Options Trading: Best Online Brokers

Never used options on Forex? Looks like you missed lots of profitable deals. Be sure to learn more about this method and decide whether it suits you. Start by reading our short review for beginners. In the end, we will give you a list of companies that offer the best terms for such trades. Let us start with a short theory about this trading method. In practice, an option is a contract that allows a trader to buy or sell a certain currency at a chosen price and on a chosen date.  FX options trading  is based on forecasts. For example, if a potential buyer believes that the price of a certain currency will grow in the future, he can reserve the right to buy it at a lower price. For this opportunity, one must pay a commission (or a premium). Another crucial point is that executing such deals is optional. When the date agreed comes, one can decide whether it is worth buying or selling the currency chosen. Also Read: Interactive Brokers Fees: An Overview for Potential Users And...
Read more

Crypto Trading Bot: Should You Try It and Which One to Choose

Are you searching for an instrument that will help you trade crypto at minimum risk and time expense, but with maximum earnings? Then, try a trading robot. Find the basic information about this tool and the list of the most reliable and effective products offered by the market. So, such a robot is a program that executes trades involving crypto in an automated mode based on the market situation and parameters set by its user. It can make use of diversified algorithms, patterns, signals provided by other traders, etc. Here are the major benefits such software can offer:   Time economy. A day trader does not have to spend a whole day monitoring the market.   No human mistakes. Such a program operates in strict accordance with the parameters and algorithm set. By contrast with traders, it cannot make mistakes due to fatigue or external distractions.   Fast reaction. Compared to humans, it takes a bot less time to analyze the current situation on the mark...
Read more