Indian Contract Act, 1872, Section 55 -- Time essence of contract - Purchase order - Interpretation of contractual clauses by Arbitral Tribunal having extension procedure and imposition of liquidated damages are good indicators that time was not essence of contract...........
Indian Contract Act, 1872, Section 74 -- Breach of contract - Damages - Promisee waived liquidated damages initially and same cannot be imposed unless such imposition is clearly accepted by parties - In view of waiver of liquidated damages and absence of precise language which allows for re-imposition of liquidated damages, Arbitral Tribunal rightly imposed damages accrued..........
Arbitration and Conciliation Act, 1996, Section 34(2A), 37 -- Arbitral award - Setting aside - Grounds available for setting side an award u/s 34(2-A) of the Act, can be invoked by Court on its own, in exercise of jurisdiction vested in it u/s 37 of the Act...........
Arbitration and Conciliation Act, 1996, Section 34(2A), 28(3) -- Arbitral award - Setting aside - Patent illegality - Sole Arbitrator failed to decide the matter in accordance with terms of contract governing parties, which would certainly attract "patent illegality ground" - Said oversight amounts to gross contravention of S.28(3) of the Act - Arbitral award held, set..........
Arbitration and Conciliation Act, 1996, Section 31(7) -- Arbitral award - Rate of interest - Arbitrator has substantial discretion in awarding interest u/s 31(7) of the Act...........
Arbitration and Conciliation Act, 1996, Section 31(7) -- Arbitral award - Rate of interest - Arbitrator granted 18% interest per annum - District Judge reducing the rate of interest to 12% per annum - High Court reduced the rate of interest to 9% per annum - No reason and grounds given to reduce the rate of interest - Rate of interest as awarded by District Judge restored...........
Arbitration and Conciliation Act, 1996, Section 48 -- Foreign arbitral award - Enforcement - Foreign arbitration award is enforceable against non-signatories to arbitration agreement...........
Arbitration and Conciliation Act, 1996, Section 48 -- Foreign arbitral award - Enforcement - Non-signatory`s objection cannot possibly fit into S.48(1)(a) of the Act...........
Arbitration and Conciliation Act, 1996, Section 48 -- Foreign arbitral award - Enforcement - Perversity cannot be ground to set aside award in an international commercial arbitration held in India...........
Arbitration and Conciliation Act, 1996, Section 48 -- Foreign arbitral award - Enforcement - Scope of challenge u/s.48(1)(c) of the Act - Enforcement may be refused, at the request of the party against whom it is invoked, upon furnishing proof that `the award deals with a difference not contemplated by or not falling within the terms of the submission to arbitration, or it..........
