Held, Merely having an explicit clause may not be sufficient to make time the essence of the contract – As the contract was spread over a long tenure, the intention of the parties to provide for extensions surely reinforces the fact that timely performance was necessary – Contractual clauses having extension procedure and imposition of liquidated damages, are good indicators that ‘time was not the essence of the contract’
SUPREME COURT OF INDIA DIVISION BENCH WELSPUN SPECIALTY SOLUTIONS LIMITED (FORMERLY KNOWN AS REMI METALS GUJARAT LIMITED) — Appellant Vs. OIL AND NATURAL GAS CORPORATION LIMITED — Respondent ( Before…