Arbitral Tribunal directs ONGC to pay US$ 1.35 million+ to Ganesh Benzoplast
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Arbitral Tribunal directs ONGC to pay US$ 1.35 million+ to Ganesh Benzoplast

The arbitration was filed by the company in 2014 against ONGC for pre-mature termination of the contract

  • By ICN Bureau | November 02, 2023

Ganesh Benzoplast Ltd has received an arbitration award in its favour in the arbitration matter going on with the Oil and Natural Gas Corporation Limited (ONGC).

The arbitration was filed by the company in 2014 against ONGC for pre-mature termination of the contract for Operation, Maintenance and Management of Marine Geotechnical & Diving Services for the vessel "GTV Samudra Sarvekshak", resulting in huge operating and financial loss to the company.

The order was passed by Arbitral Tribunal on October 31, 2023 in favor of the company by admitting the claims filed by the company and directed the ONGC to pay US$ 1.35 million and also an amount of Rs.30.40 lakhs to Ganesh Benzoplast towards cost and damages, with interest @12% per annum from the date of the Award till the date of payment of amount i.e. realization of amount.

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