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Judgment
13 paragraphs · 281 wordsJyoti Singh, J
O.M.P.(MISC.)(COMM.) 488/2019
Issue notice.
Learned counsel for the respondent enters appearance on behalf of the respondent and 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 agreement was invoked.
The Arbitral Tribunal entered upon reference on 30.05.2018.
Statutory period of twelve months under Section 29A(1) of the Act expired on 29.05.2019. By consent of the parties, time was extended by a period of six months. The extended period expired on 29.11.2019.
Learned counsel for the petitioner submits that the matter is at the stage of respondent's evidence 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. He, however, refutes the allegations in the petition that the delay in conclusion of the proceedings was caused due to respondent. He submits that it is the petitioner who is delaying the proceedings. The same is vehemently opposed by counsel for the petitioner.
Without entering into the allegations and counter allegations, it is directed that neither party will seek unnecessary adjournments. Every endeavour shall be made to complete the proceedings as expeditiously as possible.
With the consent of the parties, time for completion of the proceedings and passing of the award is hereby extended by a period of 8 months from 29.11.2019.
The petition is allowed in the above terms.