Two entities entered into a commercial contract for supply of specified no. of products by one party(licensee) on providing of the raw material by other party(licensor), under the agreement time limit specified for such supply, and time is the essence. penalty for non-supply within time limit also prescribed under the contract.
But the licensor delayed in supply of raw material beyond time limit, thereby licensee also delayed but the delay on the part of the licensee was a bit more.
The licensor charged penalty on the basis of the time limit + the delay on his part.
Query: whether the time still is the essence of the contract or it lost its validity, as there was an extension on account of delay? and therefore whether the penalty can completely waived of?
Whether the licensee can claim extension as his late was because of force majeure?
cite relevant cas laws if available.
