An opposition-sponsored motion on the Volcker issue was defeated in Rajya Sabha on Tuesday by a voice vote.
The government said if any offence was committed, the law will take its own course and those found guilty punished.
"We will pursue the investigation to the logical end," Finance Minister P Chidambaram said, replying to a marathon debate on the motion on Volcker findings on alleged pay-offs in Iraq's corrupt oil-for-food deals.
Chidambaram said if the Jusitce R S Pathak Inquiry Authority found any violation of law, a first information report will be filed and required action taken.
There were repeated verbal duels between the Bharatiya Janata Party, which fielded Arun Jaitley, and the Congress, which had Chidambaram and Science and Technology Minister Kapil Sibal as their main speakers.
An adjournment motion in Lok Sabha was defeated on Monday.