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Judgment
15 paragraphs · 222 wordsJyoti Singh, J
I.A. 17786/2019 (Exemption).
Allowed, subject to all just exceptions.
Application is disposed of.
O.M.P.(MISC.)(COMM.) 517/ 2019
Issue notice.
Learned counsel for the respondent accepts notice.
Present petition has been filed under Section 29A (5) of the Arbitration and Conciliation Act, 1996 ('Act') seeking extension of time for completion of the arbitral proceedings and passing of the Award.
Disputes and differences having arisen between the parties, the Arbitration Clause was invoked.
Arbitration Tribunal had entered upon reference on 12.07.2018.
Statutory period of twelve months under Section 29A(1) of the Act expired on 11.07.2019. On 05.04.2019 the Arbitral Tribunal extended the time for making the award by a period of six months by mutual consent of the parties. The extended period is expiring on 11.01.2020.
Learned counsel for the petitioner submits that the matter is at the stage of final arguments and prays that the time be further extended for a period of 8 months.
Learned counsel for the respondent, on instructions from the respondent, submits that he has no objection to the time being extended.
With the consent of the parties, time for completion of the proceedings and passing of the award is extended by a period of 8 months from 12.01.2020.
The petition is allowed in the aforesaid terms.