FORASOL Vs. OIL AND NATURAL GAS COMMISSION

JUDGEMENT

(1.) -

(2.) IN a world of interdependence and international markets foreign money and devaluation are raising problems both difficult and urgent for judges and lawyers. The case is concerned with one such question.

(3.) IT is not disputed that under the Umpire's award FF 21,11,704.01 are due to Forasol from ONGC. In the statements submitted by the parties this is an agreed figure. IT is also not disputed that ONGC are entitled to recover from Forasol a sum of Rs. 10,19,380.39 which ONGC paid to the income-tax authorities on account of income- tax due from Forasol. This amount admittedly ONGC are entitled to adjust. Forasol are prepared to give credit for this amount. Besides this there are three other items which ONGC claim from Forasol to which I shall come a little later.