THE NEW INDIA CIVIL ERECTORS (P) LTD vs OIL & NATURAL GAS CORPN

The Supreme Court addressed the arbitration award concerning a contract between the appellant and the Oil & Natural Gas Corporation (O.N.G.C) for the construction of housing units. The Court upheld the arbitrators' decision, which awarded the appellant a net amount of Rs. 67,82,620/- with interest at 18% per annum, while rejecting certain claims made by both parties. The Court affirmed the lower court's ruling that made the arbitration award a Rule of the Court, thus reinforcing the validity of the arbitration process under the Arbitration and Conciliation Act, 1996.