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Judgment
Jyoti Singh, J
This is a petition under Section 29A(4) of the Arbitration and Conciliation Act, 1996 seeking extension of time for a period of six months for conclusion of the Arbitral Proceedings and passing of the Award. The Arbitral Tribunal entered upon reference on 20.04.2018. The statutory period of twelve months expired on 19.04.2019. Parties thereafter mutually consented to extend the time by a further period of six months. The extended period expired on 19.10.2019.
Learned counsel for the respondent submits that he has filed a detailed reply to the petition. Learned counsel for the petitioner submits that the proceedings are at the stage where the last witness of the respondent is under examination and submits that if at this stage extension of time is not granted, it will cause grave prejudice to the petitioner.
Having heard learned counsel for the parties, I am of the view that it is in the interest of the parties that the proceedings are continued and time is extended. The time for further completion of the proceedings and passing of the award is extended for a period of six months from 20.01.2020. The period between 20.10.2019 to 19.01.2020 is hereby regularized.
The petition and the application filed herewith are allowed in aboveterms.