Supreme Court agrees to hear Sasan Power UMPP’s plea

By: |
New Delhi | December 08, 2015 12:45 AM

The Supreme Court on Monday agreed to hear Reliance Power-owned Sasan Power Ltd's appeal challenging the Madhya Pradesh High Court's order...

The Supreme Court on Monday agreed to hear Reliance Power-owned Sasan Power Ltd’s appeal challenging the Madhya Pradesh High Court’s order that upheld arbitration agreement mandating the two Indian companies to take recourse to a foreign-seated arbitration with foreign substantive law.

The issue raised before a bench headed by Justice Ranjan Gogoi is whether arbitration proceedings between two Indian entities can be seated in a foreign country. The bench has posted the matter for further hearing on January 19.

The HC on September 11 held that the two Indian parties may conduct arbitration in London and under English law, a stand opposed by Reliance Power-led Ultra Mega Poper Project.

Senior counsel Fali Nariman and counsel Mahesh Agarwal, appearing for Sasan Power, argued that the arbitration Act “leaves no doubt that a domestic arbitration between two Indian parties can only be governed by Indian substantive laws”.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Thieves using Apple AirTags to steal cars, police issues advisory
2Food processing ministry okays 60 applications under PLI scheme
3MoUs worth Rs 14,165 crore signed before Vibrant Gujarat Summit