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 should be resolved through arbitration as per the Indian Arbitration Act, 1940. The Court held that the arbitration clause was valid and enforceable, and the Chief Justice of the Supreme Court would appoint an arbitrator if the parties failed to do so. The judgment reaffirmed the applicability of the Indian Income Tax Act, 1961 to the Continental Shelf and Exclusive Economic Zone as per the Government notification dated 31st March, 1983.