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1999 (9) TMI 824 - SC - Indian LawsWhether time was the essence of the contract or not? Whether High Court have authority in the matter of interference with an arbitral award under the Repealed Act of 1940 (The Arbitration Act, 1940)? Held that:- Appeal allowed. Needless to record that two arbitrators Hon’ble Mr. Justice S.N. Shankar, a retired Chief Justice of the Orissa High Court and Shri K.C. Diwan, Senior Advocate upon appraisal of evidence and have considered the matter in its entirety and in proper perspective. As such, the question of interference with the arbitral award does not and cannot arise. In that view of the matter, these appeals succeed. The order of the Appellate Bench of the High Court stand set aside and the order of the learned single judge of the Delhi High Court stands restored.
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