Hon'ble Judges/Coram:
A.K. Sikri and Rohinton Fali Nariman

JUDGMENT

Rohinton Fali Nariman, J.

1. The present case arises as a sequel to this Court's decision delivered on 28^th May, 2014 in Reliance Industries Limited and Anr. v. Union of India MANU/SC/0518/2014 : (2014) 7 SCC 603.

2. A brief resume of the facts that led to the judgment of this Court on 28^th 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 Commission on International Trade Law (UNCITRAL) of 1985 except that in the event of any conflict between these rules and the provisions of this Article 33, the provisions of this Article 33 shall govern.

...

33.12 The venue of conciliation or arbitration proceedings pursuant to this Article, unless the Parties otherwise agree, shall be London, England and shall be conducted in the English Language. The arbitration agreement contained in this Article 33 shall be governed by the laws of England. Insofar as practicable, the Parties shall continue to implement the terms of this Contract notwithstanding the initiation of arbitral proceedings and any pending claim or dispute.

34.2 This Contract shall not be amended, modified, varied or supplemented in any respect except by an instrument in writing signed by all the Parties, which shall state the date upon which the amendment or modification shall become effective.

3. It needs to be mentioned that the Enron Oil & Gas Indian Limited was renamed BG Exploration & Production Indian Limited. The PSCs were amended to substitute Enron Oil & Gas India Limited with BG Exploration and Production India Limited by two amendment agreements dated 24.2.2004 and 10.1.2005. Since certain disputes and differences arose between the Union of India, Reliance Industries Limited and BG Exploration and Production India Limited sometime in 2010, Reliance Industries Limited and BG Exploration and Production India Limited invoked the arbitration clause and appointed Mr. Peter Leaver, QC as Arbitrator. The Union of India appointed Justice B.P. Jeevan Reddy as Arbitrator and Mr. Christopher Lau SC was appointed as Chairman of the Tribunal. On 14.9.2011, the Union of India, Reliance Industries Limited and BG Exploration and