CHINA COTTON EXPORTERS vs BEHARILAL RAMCHARAN COTTONMILLS LTD.

The Supreme Court held that the appellant was liable for breach of contract as the shipment date was guaranteed despite the contract stating it was subject to import licence. The Court clarified that in commercial contracts, time is of the essence, and the appellant failed to demonstrate it had adequate contracts with suppliers to fulfill its obligations. The judgment emphasized that mere possibility of fulfilling the contract was insufficient to avoid liability for breach.