Ongc Ltd vs Garware Shipping Corpn. Ltd

The Supreme Court addressed an appeal against the Bombay High Court's dismissal of an appeal under Section 34 of the Arbitration and Conciliation Act, 1996, concerning the validity of an Arbitrator's award related to the cost of repairs and maintenance of offshore supply vessels (OSVs). The Court emphasized that the arbitration process must adhere to the principles of fairness and reasonableness, particularly in determining rates for repairs and maintenance beyond the initial ten-year period. The Court upheld the High Court's decision, affirming the Arbitrator's award as valid and reasonable under the Act.