Great Offshore Ltd vs Iranian Offshore Eng&Constn. Co

The Supreme Court ruled on the applicability of the Arbitration and Conciliation Act, 1996, specifically sections 11(5), (6), (9), and (12), in determining whether a valid arbitration agreement existed between Great Offshore Limited and Iranian Offshore Engineering & Construction Company. The Court held that the correspondence exchanged between the parties indicated that they had not reached a concluded contract, as the respondent's letter of intent contained a contingency clause that prevented the formation of a binding agreement. Consequently, the petition for the appointment of an arbitrator was dismissed, affirming that without a valid contract, arbitration could not be compelled.