New Delhi: The Supreme Court has severely reprimanded the Central Government on the application for a speedy hearing of a case related to Reliance Industries (RIL). In fact, the court said, 'The sky will not fall because of this.' In fact, international arbitration proceedings are to begin in the dispute between Reliance Industries, BP Exploration and Niko Resources related to the discovery of natural gas worth $400 million in the D6 block of the Krishna-Godavari basin, although before that the central government has referred the issue to the Supreme Court. Let us tell you that senior advocate Harish Salve, appearing for RIL, referred to the petition filed on behalf of RIL and two foreign companies before a bench of CJI Justice DY Chandrachud and Justice PS Narasimha, In which the government's last-minute move and strategy have been questioned to stop the international arbitration scheduled for December and January.

Salve said that two arbitrators from the UK and Australia as well as experts from foreign companies are in India, but the government-nominated arbitrator, former CJI VN Khare, is proving elusive for them. Yes and due to this questions are being raised on the resolution of the 11 years old dispute. On the other hand, production of natural gas from Dhirubhai-1 and 3 other gas fields of the KG-D6 block located in the Bay of Bengal started falling short of the company's estimates in 2010 i.e. from the second year itself. Subsequently, the field stopped producing in February 2020, much earlier than expected. At the same time, the government accused the company of not following the approved development plan for the incident and rejected the cost of more than $3 billion.

The company objected to this and dragged the government into arbitration. On the other hand, senior advocate AK Ganguly, appearing for the government, said, 'An appeal is pending in the Supreme Court against the single bench decision of the Delhi High Court rejecting the government's allegation of bias against both the mediators. And if the arbitration is rescheduled for January or February "the sky will not fall."

But it will have serious consequences for the public at large. After hearing all this, the CJI bench said, "If the government fails international arbitration in this way, the sky will fall. We are crying that we need to settle commercial disputes to encourage foreign investment in India. To give impetus, arbitration should be encouraged as an alternative mechanism but what is it? Is this the right way to encourage foreign investors to come to India for business purposes?"

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