Edition:
India

Oil And Natural Gas Corporation Says HC Rejected Reliance Naval's Plea On Termination Of Vessels Deal


Monday, 17 Dec 2018 

Dec 17 (Reuters) - Oil and Natural Gas Corporation Ltd ::OIL AND NATURAL GAS CORPORATION CLARIFIES ON NEWS ARTICLE ON HC REJECTING RELIANCE NAVAL'S PLEA ON VESSELS DEAL.CONTRACT FOR VESSELS WAS ORIGINALLY AWARDED TO PIPAVAV SHIPYARD; PIPAVAV HAS SUBSEQUENTLY TAKEN OVER BY RELIANCE NAVAL & ENGG.CONTRACT WAS SCHEDULED TO BE COMPLETED IN 30 MONTHS; COMPLETION PERIOD WAS EXTENDED MANY TIMES ON REQUEST FROM CONTRACTOR.LAST EXTENSION WAS GIVEN UPTO MAY 31, 2018 AFTER WHICH IT GOT TERMINATED DUE TO NON-COMPLETION.TERMINATION WAS CHALLENGED BY RENL BEFORE MUMBAI HIGH COURT, WHICH WAS REJECTED ON NOV 30, 2018 BY THE COURT.