ICA 1872 ,section 55
If the time is essential to the contract but the promisor did not perform the promise on the specified time , then the contract is voidable at the option of the aggrieved party ..ie promisee On that circumstances if the promisee is entitled to receive the compensation from the promisor for the delayed performance ?
The promisee will be entitled to claim compensation as well. Depending upon the amount of losses etc. These are generally specified in the contract.