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DELHI HIGH COURT
JYOTI SINGH
Isgec Heavy Engineering Limited – Appellant
Versus
Bhushan Energy Limited – Respondent
| Table of Content |
|---|
| 1. timeline and status of arbitration proceedings. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. petitioner's request for time extension based on financial constraints. (Para 8 , 9 , 10 , 11) |
| 3. court acknowledges meritorious arguments from the respondent. (Para 12) |
| 4. extension granted for arbitration proceedings. (Para 13 , 14 , 15) |
| 5. conclusion and disposal of the petition. (Para 16) |
JUDGMENT
Jyoti Singh, J.(Oral)--This is a petition under Section 29A (5) of the Arbitration and Conciliation Act, 1996 seeking extension of time for completion of the Arbitral Proceedings and passing of the Award.
2. The Arbitral Tribunal entered upon reference on 22nd March, 2017 and thereafter certain proceedings have been held. The parties submit that the proceedings are at the stage of recording of the evidence.
3. However, on 8th January, 2018 insolvency process was initiated against the respondent vide order of the NCLT. The moratorium period of 180 days was imposed. On 6th June, 2018, NCLT granted extension of 90 days beyond the stipulated period of 180 days and extended the moratorium period.
4. On 26th October, 2018, the Tribunal agreed to recommence the Arbitration Proceedings and
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