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Judgment
9 paragraphs · 193 wordsJyoti Singh, J
This is a petition under Section 29 A (4) and (5) of the Arbitration and Conciliation Act, 1996 seeking extension of time for completion of the proceedings and passing of the Award.
It is submitted that arbitration commenced pursuant to an Agreement entered into between the parties on 04.02.2014. The Tribunal entered upon reference on 26.04.2018. On 03.11.2018, time was extended by mutual consent of the parties for a period of six months upto October 2019.
Issue notice to the respondent.
Mr. Puneet Taneja, Advocate enters appearance on behalf of the respondent and accepts notice.
Learned counsel for the respondent, on instructions, submits that the respondent has no objection to the time being extended.
Learned counsel for the parties jointly submit that oral arguments have been completed and only the Award remains to be passed by the Arbitral Tribunal.
With the consent of the parties, time for passing the Award is extended by a period of three months from 03.02.2020. The period between 26.10.2019 to 02.02.2020 is hereby regularized.
The petition and the application filed herewith are allowed in the aforesaid terms.