RIL seeks immediate start of D6 cost recovery arbitration

New Delhi:  With its KG-D6 cost recovery arbitration stuck for three years, Reliance Industries has sought immediate start of the proceedings for early resolution of the dispute.  Naming former UK judge Sir Bernard Rix as its arbitrator in place of former Chief Justice of India S P Bharucha, who quit earlier this month, RIL through its legal counsel has written to the Oil Ministry seeking start of the proceedings from next month, sources privy to the development told PTI.  Bharucha was earlier RIL nominee on a three-member arbitration panel, which is to decide if the oil ministry was right in disallowing over USD 2.3 billion of KG-D6 cost as output lagged targets. He, however, recused himself after the government challenged his nomination more than two-and-half years after his nomination.  The government felt he had not disclosed all previous associations with RIL and that his arbitration could create doubts about his independence and impartiality.  The company, expressed “distress” at the attempts of the government to remove Justice Bharucha from the panel of arbitration, sources said.