tag:blogger.com,1999:blog-3202774368551476669.post8114457504096411381..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: The Supreme Court on Penalties and Liquidated DamagesUmakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3202774368551476669.post-69172484922849544812015-06-27T14:04:05.489+05:302015-06-27T14:04:05.489+05:30I had looking for this distinction in the context ...I had looking for this distinction in the context of liquidated damages and penalty. Very useful thoughts captured. Thank you for highlighting it in your article above.Sourish Mohan Mitrahttp://alwayskhush.blogspot.in/noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-52216491555993442032015-06-25T13:46:17.388+05:302015-06-25T13:46:17.388+05:30Sir, the critique that the public authority will b...Sir, the critique that the public authority will be able to sell at a higher price is problematic for two reasons: (1) the obvious one that this is theretical; (2) when the lowest bidder backs out, there are two major problems associated with it: (a) the CVC guidelines and almost all govt. tendering procedures mandate re-tendering if the L1/H1 bidder as the case may be backs out. This means that the public authority has to expend costs towards man-hours, re-tendering and advertising (b) the second negative effect which follows from the first is that it inevitably leads to delay in completion of the project or in the present case, delay in receipt of the value of plot/ building. The function of LD is to typically address these aspects. The larger point is that a more nuanced perspective needs to be given to the LD issue. <br /><br />Further, I also hypothesise that we should look beyond the LD Law of the economies UK and USA where the quantum of public works has always been relatively less (?) unlike in India. From this perspective, I think Kailash Nath is in the right direction.Badrinath Srinivasanhttps://www.blogger.com/profile/11123853000962107353noreply@blogger.com