- The award in matters other than international commercial arbitration shall be made by the arbitral tribunal within a period of twelve months from the date the arbitral tribunal enters upon the reference.
Explanation
For the purpose of this sub-section, an arbitral tribunal shall be deemed to have entered upon the reference on the date on which the arbitrator or all the arbitrators, as the case may be, have received notice, in writing, of their appointment.
- If the award is made within a period of six months from the date the arbitral tribunal enters upon the reference, the arbitral tribunal shall be entitled to receive such amount of additional fees as the parties may agree.
- The parties may, by consent, extend the period specified in sub-section (1) for making award for a further period not exceeding six months.
- If the award is not made within the period specified in sub-section (1) or the extended period specified under sub-section (3), the mandate of the arbitrator(s) shall terminate unless the Court has, either prior to or after the expiry of the period so specified, extended the period:
Provided that while extending the period, if the Court finds that the proceedings have been delayed for the reasons attributable to the arbitral tribunal, then, it may order reduction of fees of arbitrator(s) by not exceeding five per cent for each month of such delay.
Provided further that where an application under sub-section (5) is pending, the mandate of the arbitrator shall continue till the disposal of the said application:
Provided also that the arbitrator shall be given an opportunity of being heard before the fees is reduced. - The extension of period referred to in sub-section (4) may be on the application of any of the parties and may be granted only for sufficient cause and on such terms and conditions as may be imposed by the Court.
- While extending the period referred to in sub-section (4), it shall be open to the Court to substitute one or all of the arbitrators and if one or all of the arbitrators are substituted, the arbitral proceedings shall continue from the stage already reached and on the basis of the evidence and material already on record, and the arbitrator(s) appointed under this section shall be deemed to have received the said evidence and material.
- [Omitted by the Arbitration and Conciliation (Amendment) Act, 2019.]
- [Omitted by the Arbitration and Conciliation (Amendment) Act, 2019.]
- The provisions of this section shall not apply to international commercial arbitration.
Chapter IV — Part I — Making of Arbitral Award and Termination of Proceedings (Sections 28–33)
Section 29A
Time limit for arbitral award
Printed from Law on Tips • Arbitration and Conciliation Act, 1996