On Wednesday, an important hearing took place in the Supreme Court in the KG Basin gas migration case, which has been one of the most significant business cases in India. In the hearing, Reliance Industries Limited (RIL) and its foreign partners stated that they were ready to go for mediation in the ongoing dispute with the Central Government. The hearing was conducted by a bench headed by the Chief Justice Surya Kant, along with Justices Joymalya Bagchi and Vipul M. Pancholi.
In the hearing, counsel for RIL and its foreign partners informed the court that the petitioners will write to the Government of India on Wednesday seeking mediation. The companies asked the court to stay the hearing until the outcome of the arbitration is known.
However, Attorney General R. Venkataramani, representing the central government, opposed this demand. He told the court that the hearing should continue for the time being and that the government would inform the court if there was any progress in the arbitration.
The Supreme Court bench refused to stay the hearing. The court stated that if the parties came to the court with a successful arbitration, the matter could be settled. The bench remarked that if a successful arbitration is reached, it would be very good; then we will settle the matter.
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