- (1.) These appeals are directed against the judgment of the High Court of judicature at Bombay delivered in Appeal Nos.141 and 142 of 1995 dated 8th February, 2000.
(2.) Brief facts which are necessary to dispose of these appeals are recapitulated as under: On 2nd March, 1983, the appellant, Oil and Natural Gas Corporation Limited entered into an Agreement with the respondent, Atwood Oceanic International, S.A. for carrying out drilling operations in offshore waters of India and for rendering other related services with regard to the drilling unit Sagar Pragati belonging to the appellant on the terms and conditions set forth in the said Agreement.
(3.) The said Agreement contained an Arbitration Clause 11. The said Arbitration Clause 11 reads as under:- "Arbitration : If any dispute, difference or question shall at any time hereafter arise between the parties hereto or their respective representative concerning anything herein contained or arising out of these presents or as to the rights, liabilities, or duties of the said parties hereunder and cannot be mutually resolved the same shall be referred to arbitration, proceedings of which shall be held at (Bombay) India. Within thirty(30) days of the receipt of the notice of any dispute, each party shall appoint an arbitrator and such arbitrators shall appoint an Umpire before they enter upon the reference and not later than one month from the latest date of their respective appointments. If any of the parties fail to appoint arbitrators within the specified period or should the two arbitrations fail to agree upon the selection of an Umpire within the stipulated period, the Hon'ble Chief Justice of the Supreme Court of India shall nominate the required arbitrator or the Umpire as the case may be, who shall be a resident of India, but not a national of the country of neither of the parties. The decision of the arbitrators and failing an agreed decision by them, the decision of the Umpire shall be final and binding on the parties thereto. The arbitration proceedings shall be held in accordance with the provisions of the Indian Arbitration Act, 1940 and the rules made thereunder as amended from time to time. The arbitrator or the Umpire, as the case may be, shall decide by whom and in what proportion the arbitrators and Umpire's fees as well as the costs incurred in arbitration shall borne. The arbitrators or the Umpire may, with the consent of the parties enlarge the time, from time, to make and publish their or his Award.";