JUDGMENT :

N. V. RAMANA, CJI.

1. Leave granted in SLP (C) No. 19203 of 2012.

2. Civil Appeal Nos. 2826-2827 of 2016, preferred by Welspun Specialty Solutions Limited (formerly known as Remi Metals Gujarat Ltd.) hereinafter referred to as ‘Remi Metals’ for the sake of brevity and clarity, have been filed impugning the judgments and orders dated 14.10.2008 and 27.07.2010 of the High Court of Uttarakhand at Nainital in AO Nos.472 and 466 of 2005 and Review Petition No. 1340 of 2008 in AO No. 472 of 2005 respectively. Civil Appeal arising out of SLP(C) No. 19203 of 2012, preferred by Oil and Natural Gas Corporation Ltd. (hereinafter referred to as ‘ONGC’ for the sake of brevity and clarity), has been filed impugning the judgment and order dated 27.07.2010 of the High Court of Uttarakhand at Nainital in Review Petition No. 1340 of 2008 in AO No. 472 of 2005.

3. The short question which arises for determination by this Court is whether the impugned judgment was correct in setting aside the arbitration award in favour of the ONGC.

4. Before we analyse the case at hand, it is necessary for