Delhi High Court stays enforcement of Rs 300 cr arbitral award against ENI Group
arbitral award that a consortium led by ONGC won against the Italian energy multinational ENI Group in 2021.
Justice Prateek Jalan passed the stay order after the ENI group deposited over Rs 296 crore in the HC, which also gave liberty to the ONGC to initiate appropriate proceedings with regard to the money lying in the international bank account of the group. However, the HC allowed the Italian energy group to file its objections to the execution petition moved by the ONGC.
According to ONGC, the foreign energy company is liable to pay USD 31,577,805 in terms of the award.
The three-judge arbitral tribunal had unanimously in July 2021 asked the ENI group — ENI India, ENI SPA, ENI Lasmo PLC and ENI International BV – to pay ONGC and others awarded USD 20,027,974, along with interest the rate of 7% from August 2013 until the date of realization.
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