Act of God Does Not Justify Retention Of Performance Bank Guarantee Without Suffering Legal Injury: Delhi High Court
In a significant ruling that could have far-reaching implications for contracts involving liquidated damages and force majeure events, the Delhi High Court has upheld an arbitral award in favor of Oswal Woolen Mills Ltd. The case centered around a dispute arising from the Arbitration and Conciliation Act, 1996. The bone of contention was the encashment of a performance bank guarantee by NTPC Vidyut Vyapar Nigam Ltd. (NTPC) from Oswal. NTPC…
