News: The government has lost its appeal in the English High Court against a US$ 111 million arbitration award in favour of Reliance Industries and Shell in a cost recovery dispute in PMT fields.
Views: Reliance and Shell owned BGEPIL dragged the government to arbitration over cost recovery provisions, profit due to the state and amount of statutory dues including royalty payable. The English court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings and rejected the government's arguments.
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