President Approves Referral to Arbitration Against Indian Company

SHANA (Tehran) - Iranian President, Ibrahim Raisie promulgated the law pertaining to referral the dispute between the Iranian Gas Engineering and Development Company (IGEDC) with the State Trading Corporation of India LTD to arbitration.

In his decree, the president ordered the related governmental bodies including Ministry of Petroleum, Ministry of Foreign Affairs and the Presidential Legal Office to pursue implementation of the law.

Iranian Parliament and Guardian Council have already approved the law respectively in 9 and 12 May in accordance with the articles 123 and 139 of the constitution.  

Article 139 restricts and binds referral of claims about public and government property to arbitration to its approval by the cabinet and parliament.

Now, after the publishing of the law by Iranian president, Iran Gas Engineering and Development Company (IGEDC) is allowed to pursue its claims against the Indian company.

IGEDC and the State Trading Corporation of India LTD signed a 3-year contract in 2013. The Iranian side believes it has fulfilled its obligations under the contract while the Indian company has fulfilled less than one-fifth of its obligations.   

News ID 641761


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