JUDGMENT - A.P. SHAH, J.:---This appeal is directed against the order of the learned Single Judge by which interim injunction has been issued in petition under section 9 of the Arbitration and Conciliation Act, 1996, hereinafter referred to as the “Act”, restraining the appellant Oil and Natural Gas Corporation Ltd. (ONGC) from acting on the notice of termination dated 16-10-2001. The brief facts giving rise to this appeal and indicating the points for decision herein are now stated.

2. On 19-2-1999 the appellant floated a tender for manning, running, operating, repairing and maintenance on hire of three vessels under Group IX i.e. Samudrika 2, Samudrika 7 and Sindhu 9. The respondent was one of the tenderers. On 30-12-1999 a contract was signed between the appellant and respondent for vessel Samudrika 2 for the primary term of 2 and half years from 9-12-1999. Clause 1.10.1 of the agreement provided that the duration of the contract shall be for the period of 2 and half years (30 months) with effect from the date of vessel being handed over to the respondent. It was further set out that the ONGC reserved the right to extend the contract for a further period of six months in two ins

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