OIL AND NATURAL GAS CORPORATION LIMITED vs LARSEN AND TOUBRO LIMITED

Judgment text excerpt

Neeta Sawant CARBP(L) 15345 OF 2026 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION (L) NO. 15345 OF 2026 Oil and Natural Gas Corporation Limited …..PETITIONER : VERSUS : Larsen & Toubro Limited ….RESPONDENT Mr. Zubin Behramkamdin, Senior Advocate with Ms. Shreya Gupta, Ms. Prachi Gupta and Ms. Shradhha Kedia i/b M/s. Shardul Amarchand Mangaldas & Co. for the Petitioner. Mr. Vikram Nankani, Senior Advocate with Mr. Rohaan Cama, Mr. Kyrus Modi, Mr. Mehul Talera, Mr. Indranil Deshmukh, Ms. Gathi Prakash Karrah, Ms. Nidhi Asher, Ms. Arushi Poddar & Mr. Prakhar Agarwal i/b M/s. Cyril Amarchand Mangaldas & Co. for the Respondent. CORAM : SANDEEP V. MARNE, J. RESD. ON: 30 APRIL 2026. PRON. ON: 06 MAY 2026 JUDGMENT: PREFACE 1) This is a post Award Petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) seeking a direction to the Respondent to extend and to keep alive the Bank Guarantee provided by Respondent to the Petitioner towards liquidated ____________________________________________________________________________ PAGE NO. 1 of 33 06 MAY 2026 Neeta Sawant CARBP(L) 15345 OF 2026 damages as per clauses 6.3.2 and 6.3.4 of the General Conditions of Contract. The Arbitral Tribunal has awarded in favour of Respondent an aggregate sum of approximately INR 271,12,57,704.81 whereas the sum awarded in favour of Petitioner is approximately INR 42,95,65,545.28. Petitioner is aggrieved by the Award, which is challenged by it under Section 34 of the Arbitration Act. In that sense, the Respondent is a ‘successful party’ in the arbitration whereas Petitioner is a ‘unsuccessful party’. Though Petitioner is an unsuccessful party in the arbitral proceedings, it has filed the present Petiti