Contractual Delay Penalty Does Not Require Separate Proof of Actual Loss: Supreme Court Modifies ‘Patently Illegal’ Arbitral Award under Article 142

In a significant legal development clarifying the boundaries of judicial modification of arbitral awards and the proof required for contractual penalty clauses, the Supreme Court of India has modified a “patently illegal” arbitral award to do substantial justice. A Division Bench comprising Justice Sanjay Kumar and Justice K. Vinod Chandran invoked the Court’s extraordinary powers

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