[1] This is an appeal by the appellant against the decision of the Court of Appeal which had on 15 September 2009 decided in favour of the respondents.

[2] The facts of this case have been succinctly dealt with in the two separate judgments of the Court of Appeal. (See Cairn Energy India Pte Ltd & Anor v. The Goverment of India, 2009 MarsdenLR 4331 ). As such we will only make reference to the relevant facts and chronology for purposes of clarity in this judgment.

[3] The core of the dispute is related to an oil and gas joint venture. The appellant had entered into a joint venture with several private companies, including both respondents. The respondents were involved in the development of an area described as "Ravva Field" which is situated off the coast of India. A production sharing contract ("PSC") was entered into by the parties to this effect.

[4] The salient provisions of the PSC read:

"Article 3

...

3. 3 ONGC Carry

In considerationof ONGC having paid the Past Costs, the companies covenant to ONGC that they shall:

(a) during the Transfer Period, pay the share of Exploration Costs, Development Costs and Production Costs incurred by the Operator; and

(b) after the Transfer Period, pay