FORASOL vs OIL & NATURAL GAS COMMISSION (AND VICE VERSA)

The Supreme Court addressed the arbitration award between Forasol and ONGC, emphasizing the distinction between the provisions of Section 17 and Section 26(1) of the English Arbitration Act. The Court held that the Umpire's award, which directed payments in French Francs without specifying the conversion rate, was valid, and the enhanced exchange rate specified in the award applied to all payments due from November 30, 1966. The Court clarified the procedural requirements for claiming sums in foreign currency and the obligations of the arbitrator and the court in such matters.