https://www.taxtmi.com/caselaws?id=457340 Under the Arbitration Act, 1940, the Court exercised discretion to extend time ex post facto for making the award because the references were numerous, proceedings were prolonged, and fair hearing measures were taken. It rejected service objections and upheld the underwriter's liability, finding sufficient notice and no apparent illegality warranting remittal or setting aside. On quantum, the Court held that damages must remain confined to reasonable loss flowing from the breach and reduced the award where the claimant's loss was not wholly attributable to the underwriters; the interest rate was also brought down. The award was upheld in principle but modified on relief. en-us Wed, 27 Apr 2022 00:00:00 +0530 Tue, 17 Sep 2024 20:36:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457340 Under the Arbitration Act, 1940, the Court exercised discretion to extend time ex post facto for making the award because the references were numerous, proceedings were prolonged, and fair hearing measures were taken. It rejected service objections and upheld the underwriter's liability, finding sufficient notice and no apparent illegality warranting remittal or setting aside. On quantum, the Court held that damages must remain confined to reasonable loss flowing from the breach and reduced the award where the claimant's loss was not wholly attributable to the underwriters; the interest rate was also brought down. The award was upheld in principle but modified on relief. Case-Laws Indian Laws Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457340