JUDGMENT

R.F. Nariman, J.

1. The present case arises as a sequel to this Court’s decision delivered on 28th May, 2014 in Reliance Industries Limited and another v. Union of India, (2014) 7 SCC 603.

2. A brief résumé of the facts that led to the judgment of this Court on 28th May, 2014 are as follows:-Two Production Sharing Contracts (hereinafter referred to as “PSC”) for the Tapti and Panna Mukta Fields were executed between Reliance Industries Limited, the Union of India, Enron Oil and Gas India Limited and the ONGC. The relevant clauses of the PSCs insofar as they are applicable to the present controversy are as follows:-

“ARTICLE 32: APPLICABLE LAW AND LANGUAGE OF THE CONTRACT

32.1 Subject to the provisions of Article 33.12, this Contract shall be governed and interpreted in accordance with the laws of India.

32.2 Nothing in this Contract shall entitle the Government or the Contractor to exercise the rights, privileges and powers conferred upon it by this Contract in a manner which will contravene the laws of India.

ARTICLE 33: SOLE EXPERT, CONCILIATION AND ARBITRATION

33.9 Arbitration proceedings shall be conducted in accordance with the arbitration rules of the United Nations Co