Oil and Natural Gas Corporation Limited vs Afcons Gunanusa Joint Venture

CNR No : HCBM020201732026 CARBPL-20173-26-J-F-.doc Sayali IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMM ARBITRATION PETITION (L) NO. 20173 OF 2026 Oil and Natural Gas Corporation Limited Deendayal Urja Bhawan, 5A-5B, Nelson Mandela Road, Vasant Kunj, Delhi-110070 … Petitioner Vs. Afcons Gunanusa Joint Venture Joint Venture of Afcons Infrastructure SAYALI DEEPAK Limited, a company organised and UPASANI existing under the laws of India and PT 2026. PRONOUNCED ON : JULY 10, 2026 JUDGMENT: 1. By filing the present petition under Section 9 of the Arbitration and Conciliation Act, 1996, the petitioner, Oil and Natural Gas Corporation Limited (ONGC), has prayed for a direction against the respondent to renew and continue the Bank Guarantees furnished under the Contract till the petition filed under Section 34 challenging the arbitral award dated 10th March, 2026 is finally decided. By the said award, the Arbitral Tribunal rejected the petitioner's counterclaim for liquidated damages and also directed return of the Bank Guarantees. According to the petitioner, these Bank Guarantees are the only security available for protecti