The Bombay High Court has refused to grant relief to Reliance Naval Engineering (RNEL) in a dispute with state-owned Oil & Natural Gas Corporation (ONGC) and directed the Anil Ambani-controlled company to approach the arbitral tribunal to resolve the matter.
RNEL had challenged ONGC’s termination of a contract and invocation of bank guarantee. The court directed both parties to settle the dispute through arbitration, said two executives who were present in the court last week.
The matter was heard by Justice Girish S Kulkarni, who refused to grant any relief to RNEL, the persons said. Read More