Search Results for "loss of profit"

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Search Results for "loss of profit"

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Supreme Court

Supreme Court Allows Contractor's Appeal in Money Recovery Suit, Restoring Claims for Security Deposit, Overheads, and Loss of Profit. The Court Held That Abandonment of Work Was Not Established Under Contract Law, as Respondents Failed to Invoke Rescission Clause and Contractor's Actions Were Due to Delays and Modifications by Respondents.

30 Mar 2022

The dispute involved a contractor who filed a suit for recovery of money against government respondents after a tender for a water supply scheme. The ...

High Court

High Court of Bombay Dismisses Petition Challenging Arbitral Award in Insurance Dispute — Loss of Profit Claim Rejected Due to Flood Exclusion Clause. The court upheld the arbitrator's finding that 'inundation' was excluded under the Loss of Profit (Fire) Policy, and the claim was not maintainable.

11 Mar 2020

The petitioner, Agrocel Industries Pvt. Ltd., was engaged in the production of Marine Chemical Bromine and had availed a 'Loss of Profit (Fire) Policy...

High Court

Bombay High Court Partially Sets Aside Arbitral Award in Favour of Contractor in Postal Department Contract Dispute — Claims for Idle Labour, Machinery, and Loss of Profit Held Not Supported by Evidence and Contrary to Contract Terms. The court held that an arbitrator cannot award damages for idle resources or loss of profit without proof of deployment or anticipated profits, and such awards are perverse and patently illegal under Section 34 of the Arbitration and Conciliation Act, 1996.

13 Feb 2020

The Petitioner, Union of India through the Postal Department, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challen...

High Court

Bombay High Court Partially Sets Aside Arbitral Award in Union of India v. Richa Constructions — Interest on Delayed Payment of Running Account Bills and Compensation for Loss of Profit on Unexecuted Work. The court upheld the award of simple interest at 12% per annum on delayed payment of running account bills but set aside the award of interest on interest, and reduced the compensation for loss of profit from 10% to 7.5%.

3 Jun 2019

The Union of India filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award dated 29 March 2017,...

High Court

Bombay High Court Partially Upholds Arbitral Award in Construction Contract Dispute Between L&T and HPCL — Court Sets Aside Award on Claims for Extra Work and Interest, Upholds Claims for Refund of Liquidated Damages and Escalation. The court restored the arbitrator's award on refund of liquidated damages and escalation, holding that the Single Judge exceeded the limited scope of Section 34 of the Arbitration and Conciliation Act, 1996.

16 Sep 2016

The case involves two appeals under Section 37 of the Arbitration and Conciliation Act, 1996, arising from a judgment of a learned Single Judge of the...

High Court

Bombay High Court Partially Allows ICICI Bank's Petition Under Section 34 of Arbitration Act, Setting Aside Arbitral Award on Claims for Loss of Profit and Interest on Mobilization Advance. The court held that the arbitrator cannot award interest on an interest-free mobilization advance and cannot award loss of profit without evidence of actual loss.

30 Mar 2016

The petitioner, ICICI Bank Limited, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award dat...

High Court

Bombay High Court Partially Upholds Setting Aside of Arbitral Award for Overhead Losses and Loss of Profit Claims Based on Hudson's Formula Without Proof of Actual Loss. The court held that an arbitral award granting overhead losses and loss of profit without evidence of actual loss is patently illegal and contrary to public policy under Section 34 of the Arbitration and Conciliation Act, 1996.

3 Jan 2013

The case involves an appeal under Section 37 of the Arbitration and Conciliation Act, 1996, against a judgment of a Learned Single Judge dated 11 Nove...

High Court

Bombay High Court Dismisses Union of India's Challenge to Arbitral Award in Contract Dispute. Court upholds award granting compensation for work done, security deposit refund, and loss of profit under Arbitration and Conciliation Act, 1996.

2 Jul 2012

The Union of India, through the Chief Project Manager (Conversion), Central Railway, Mumbai, filed a petition under Section 34 of the Arbitration and ...

High Court

Bombay High Court Dismisses Union of India's Challenge to Arbitral Award on Loss of Profit and Interest in Railway Contract Dispute. Court Upholds 5% Loss of Profit on Withdrawn Work and 9% Interest as Reasonable and Within Tribunal's Discretion Under Section 34 of Arbitration and Conciliation Act, 1996.

9 Feb 2011

The case involves two arbitration petitions under Section 34 of the Arbitration and Conciliation Act, 1996, challenging a common arbitral award dated ...

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