Oil & Natural Gas Corporation Ltd vs Atwood Oceanic International, S.A

The Supreme Court addressed the arbitration clause in the agreement between Oil and Natural Gas Corporation Limited and Atwood Oceanic International, S.A., emphasizing that disputes arising from the agreement must be resolved through arbitration as per the Indian Arbitration Act, 1940. The Court held that the notification issued by the Government of India on 31st March, 1983, which extended the provisions of the Income Tax Act, 1961 to the Continental Shelf and Exclusive Economic Zone, did not retroactively affect the agreement's terms. The Court affirmed the High Court's decision, reinforcing the binding nature of the arbitration clause and the applicability of the law as it stood at the time of the agreement.