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Judgment
Jyoti Singh, J
I.A. No. 15876/2019 (for exemption)
Exemption allowed, subject to all just exceptions.
The application stands disposed of.
O.M.P.(MISC.)(COMM.) 456/2019
This is a petition under Section 29A (4) and (5) of the Arbitration and Conciliation Act, 1996 seeking extension of time for completion of the arbitral proceedings and passing of the Award.
Issue notice.
Mr. Rakesh Taneja, Advocate, enters appearance on behalf of the respondent and accepts notice.
Learned counsel for the respondent submits that respondent has no objection to the time being extended for completion of proceedings. He, however, objects to the averments made in para 9 of the petition wherein the petitioner has stated that during one of the hearing of the arbitration proceedings the respondent had stated that he would not object to the extension of time.
The Arbitral Tribunal was constituted on 05.02.2018. First preliminary hearing took place on 23.03.2018.
Statutory period of twelve months under Section 29A(1) of the Act expired on 22.03.2019.
Learned counsels for the parties jointly submit that time was extended by a period of six months with mutual consent of the parties, which expired on 22.09.2019.
Learned counsel for the petitioner submits that the proceedings are at the stage of final arguments of the respondent.
With the consent of the parties, time for completion of proceedings and passing of the Award is extended by a period of seven months with effect from 24.09.2019.
The petition is disposed of in the aforesaid terms.