CALTEX (INDIA) LTD. vs BHAGWAN DEVI MARODIA

The Supreme Court held that under Section 55 of the Indian Contract Act, 1872, time is of the essence in a lease agreement, and failure to apply for renewal within the stipulated time results in the loss of the right to renewal. The Court dismissed the appellant's suit for renewal, affirming that the delay was due to mere neglect and not special circumstances warranting equitable relief. The decision reinforces the principle that tenants must adhere strictly to time limits set in lease agreements.