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SUBRAMONIUM PRASAD
IN THE MATTER OF: Ovington Finance Pvt. Ltd. – Appellant
Versus
Bindiya Nagar – Respondent
JUDGMENT :
1. This is a petition under Section 29A (5) of the Arbitration & Conciliation Act, 1996 on behalf of the Petitioner seeking extension of time for making an arbitral award by the learned Arbitrator.
2. The facts of the case reveal that the Petitioner had entered into a Loan Agreement with the Respondent on 20.11.2018 for the sum of Rs.20 lakhs. Under the loan agreement, a sum of Rs.20 lakhs was disbursed to the Respondent by the Petitioner and repayment was to be made in terms of the loan agreement.
3. Since the Respondent did not adhere to the terms of repayment of the loan amount, the loan agreement was terminated by notice dated 02.03.2022. It is stated that a sum of Rs. 17,58,186/- was due and payable by the Respondent till the termination of the agreement.
4. A legal notice was issued to the Respondent but the Respondent did not make the payment which resulted in the Petitioner approaching this Court by filing a petition under Section 11 of the Arbitration & Conciliation Act seeking appointment of an Arbitrator. This Court vide Order dated 03.03.2023 in ARB.P. 810/2022 appointed Mr. Hardik Rupal, Advocate, as the Sole Arbitrator to adjudicate the disputes between the par
The High Court has exclusive authority to extend the mandate of an arbitrator appointed under Section 11 of the Arbitration & Conciliation Act, 1996, regardless of the pecuniary value of the claim.
The High Court has jurisdiction to extend time for arbitration proceedings, provided the arbitrator was appointed by it, reflecting legislative intent requiring contextual interpretation of 'Court' i....
The court clarified that applications for extending the mandate of an arbitral tribunal under Section 29A must be filed before the Principal Civil Court of original jurisdiction, not the High Court.
The High Court has jurisdiction to extend the mandate of arbitrators appointed under Section 11(6) of the Arbitration Act, ensuring adherence to party autonomy and minimal court intervention.
The Supreme Court clarified jurisdictional complexities regarding applications for extension of time for arbitral awards under Section 29A, emphasizing specific court roles based on how arbitrators a....
The court can extend the mandate of arbitrators under Section 29A(5) after an award is rendered, even if done post statutory timeline, reinforcing the integrity of the arbitration process.
(1) Extension of mandate of Arbitrator(s) – Application under Section 29A(5) for extension of mandate of Arbitrator is maintainable even after expiry of time under Sections 29A(1) and (3) and even af....
Jurisdiction for extending arbitration periods falls to District Courts under Section 29A(4) of the Arbitration Act, distinct from High Court powers under Section 11(6).
The court clarified that the power to extend the mandate of the arbitrator under Section 29A(4) of the Arbitration and Conciliation Act can be exercised even after the expiry of the specified period,....
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