OIL & NATURAL GAS CORPN.LTD. vs WESTERN GECO INTERNATIONAL LTD.

The Supreme Court held that the arbitration agreement between Oil & Natural Gas Corporation Ltd. and Western Geco International Ltd. was valid and enforceable under the Arbitration and Conciliation Act, 1996. The Court clarified that the failure to deliver the vessel on time due to licensing issues did not constitute a breach of contract, as the respondent was unable to obtain necessary permissions from U.S. authorities, which was a force majeure event. The Court upheld the High Court's decision to delete the award of pendente lite and future interest, affirming the arbitration tribunal's findings.