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Judgment
Jyoti Singh, J
The present petition has been filed under Section 29A of the Arbitration and Conciliation Act, 1996 ('Act') seeking extension of time for completion of the Arbitral Proceedings and passing of the Award.
The Arbitral Tribunal entered reference on 05.05.2018. Statutory period of twelve months under Section 29A(1) of the Act expired on 04.05.2019. By an order dated 09.05.2019, the Arbitral Tribunal, with the consent of the parties, extended the time by a period of six months. The extended period expired on 04.11.2019.
Learned counsel for the petitioner submits that the matter is at the stage of final arguments in rejoinder and prays that the time be further extended by a period of six months.
Mr. Saurabh Mishra, Advocate, enters appearance on behalf of the respondent. He submits, on instructions from the respondent, that he has no objection to the time being extended. He, however, submits that since the final arguments of the claimants have to be addressed in rejoinder, an extension of three months only should be granted to pass the Award.
With the consent of the parties, time for completion of the proceedings and passing of the award is hereby extended by a period of four months from 04.11.2019.
The petition is allowed in the aforesaid terms.