JUDGMENT

T.S. THAKUR, J.

1. This appeal arises out of an order dated 10th February, 2006 passed by a Division Bench of the High Court of Judicature at Bombay whereby OSA No.24 of 2006 filed by the appellant-Corporation has been partly allowed and the order passed by a single bench of the High Court in Arbitration Petition No.203 of 2005 affirmed with the modification that award of pendente lite and future interest by the Arbitral Tribunal shall stand deleted.

2. The appellant-Corporation is engaged in the business of drilling and exploration of oil and natural gases. In November, 1999, the appellant invited offers for technical upgradation of Seismic Survey Vessel, M.V. Sagar Sandhani (hereinafter referred to as the “Vessel”) with a view to modernising the same. According to the tender conditions, one of the main items of equipment required for upgradation of the Vessel was “Streamers” fitted with hydrophones. The specifications, however, did not stipulate the national origin of such hydrophones.

3. In response to the tender notice respondent-M/s Western Geco International Ltd., submitted a bid offering to supply Nessie 4 streamers equipped with “Geopoint” Hydrophones of U.S. origi