https://www.taxtmi.com/caselaws?id=108547 SC held that "public policy of India" in Section 34 includes patent illegality, permitting setting aside of an award that contravenes statutory provisions or contract terms. The Court set aside the arbitral award directing the appellant to refund sums deducted for breach, finding the contract expressly made time of delivery essential and provided for genuine pre-estimated liquidated damages recoverable on delay. The stipulation was not a penalty or unreasonable, and sections 73-74 principles support enforcement of agreed liquidated damages rather than awarding a refund. en-us Thu, 17 Apr 2003 00:00:00 +0530 Sat, 27 Sep 2025 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108547 SC held that "public policy of India" in Section 34 includes patent illegality, permitting setting aside of an award that contravenes statutory provisions or contract terms. The Court set aside the arbitral award directing the appellant to refund sums deducted for breach, finding the contract expressly made time of delivery essential and provided for genuine pre-estimated liquidated damages recoverable on delay. The stipulation was not a penalty or unreasonable, and sections 73-74 principles support enforcement of agreed liquidated damages rather than awarding a refund. Case-Laws Companies Law Thu, 17 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108547