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I want to know if someone company taking any work to another company with a penalty if the second company can't do the work in time.
So how could the company penalize the second company (the company giving services). Can the company penalize any amount? Is there any law India for such a penalty?

From India, Chandigarh
As per your communication what I understood is that between two companies there is a service providing process from one to another.
If the service providing company is not complying with the agreed norms then is there is any possibility of penalization. All these matters are dealt as per the service agreements signed off between two companies.
If that penalty clause is there in the agreement then you can goahead by sending notices and initiate legal process.
Regards - kamesh

From India, Hyderabad
Dear Mr. Kamesh suggested in right way, according to the clause if any in your services agreemet,then you can penalise the service provider.
From India, Gurgaon
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