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Judgment
I.A. 24139/2023 (Exemption)
Allowed, subject to all just exceptions.
The application is disposed of.
O.M.P.(MISC.)(COMM.) 627/2023
The present Petition under Section 29A(4) and (5) of the Arbitration and Conciliation Act, 1996 has been filed on behalf of the petitioner seeking extension of the mandate of the Arbitrator by six months from the date of expiry i.e., 01.08.2023.
It is submitted that vide Order dated 01.02.2023, this Court extended the mandate of the Arbitrator by six months which ended on 01.08.2023.
It is further submitted that due to voluminous files, records and documents of the arbitration proceedings, the matter could not be concluded in time despite the best efforts made by the parties. The final and rebuttal arguments are being addressed by the parties before the Arbitrator and the same is at the final stage and may take another six months.
It is, therefore, prayed that the mandate of the Arbitrator may be extended by six months.
Learned counsel on behalf of the respondent has vehemently opposed the present petition.
Submissions heard.
Considering, the arbitration between the parties is at the final stage of arguments by both the parties, the present petition is allowed.
Accordingly, the mandate of the Arbitrator is hereby extended by six months w.e.f. 01.08.2023.
The petition is disposed of.