AROSAN ENPTS. vs U O I

The Supreme Court addressed the issues of time being the essence of the contract and the authority of the High Court to interfere with an arbitral award under the Arbitration Act, 1940. The Court held that the delay in the authentication of the Letter of Credit beyond the stipulated delivery date constituted a breach of contract, thereby justifying the buyer's right to cancel the contract. The judgment emphasized the necessity of adhering to contractual timelines and the implications of delays in performance guarantees.