No Damages for Loss of Profit Without Proof of Missed Profitable Ventures Due to Contractual Payment Delay: Delhi High Court
In a significant ruling under the Arbitration and Conciliation Act, 1996, the Delhi High Court has partially set aside an arbitral award in the matter concerning Ahluwalia Contracts (India) Limited and the Union of India. The court found that the Arbitral Tribunal's rejection of certain claims made by the contractor was patently illegal and suffered from serious flaws that warranted judicial interference under Section 34 of the Arbitration and Conciliation…
