VENTURE GLOBAL ENGINEERING LLC vs TECH MAHINDRA LTD & ANR ETC

The Supreme Court held that the High Court erred in applying the principle of 'issue estoppel' to the arbitration proceedings between VENTURE and SATYAM, as outlined in the Arbitral Award dated 3rd April 2006. The Court clarified that the arbitration was governed by the terms of the Agreement dated 20th October 1999, particularly Article VIII concerning 'Events of Default'. The judgment under appeal was not reversed on grounds of public policy or fraud, affirming the validity of the arbitration process and the enforceability of the award.