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Judgment
12 paragraphs · 247 wordsJyoti Singh, J
I.A. No. 12409/2019
Exemption allowed, subject to all just exceptions.
The application stands disposed of.
O.M.P.(MISC.)(COMM.) 360/2019
This is a petition under Section 29A of the Arbitration & Conciliation Act, 1996, seeking extension of time for completion of the arbitral proceedings and passing of the award.
The disputes and differences having arisen between the parties, the arbitration clause was invoked and a Three Member Arbitral Tribunal was constituted. There were some disputes regarding the ineligibility of two of the three Arbitrators, which was subsequently resolved and the proceedings resumed.
The statutory period of twelve months for completion of proceedings and making of the Award expired on 29.08.2018. The parties, by their consent, extended the mandate of the Tribunal by a period of six months on 16.08.2018 prior to the expiry of the extended time. The extended period expired on 28.02.2019.
The petitioner moved this Court by filing an OMP (Misc.)(Comm.) No. 99/2019 and vide order dated 14.03.2019, the time was extended till 28.08.2019.
It submitted by learned counsel for the parties that the matter is pending at the stage of final arguments. In the circumstances, it is jointly prayed that the time be extended by a further period of six months.
For the reasons stated in the petition, the same is allowed. The time for completion of the arbitral proceedings and passing of the award is extended by a period of six months from 29.08.2019.
The petition is disposed of in the above terms.