1) it is necessary to peruse the consultancy agreement signed by your company wit the Indian company and correspondence exchanged to advice
2) since there is no arbitration clause dispute would not be referred to arbitration
3) if the Indian company has committed breach of contract you can issue legal notice and file suit for damages
4) generally in contract time for performance of contractual obligations is specified and on achievement of these mile stones payment is to be released
5) if you have failed to do any work to the satisfaction of the Indian company they would refuse to make any payments