Indian Oil Corporation Limited ... vs Nayara Energy Limited (Formerly ...
2019 Latest Caselaw 6159 Del

$~A-30
*    IN THE HIGH COURT OF DELHI AT NEW DELHI

%                                              Date of decision: 29.11.2019

+      O.M.P.(MISC.)(COMM.) 486/2019

       INDIAN OIL CORPORATION LIMITED THROUGH ITS
       AUTHORISED SIGNATORY, DEBASISH NANDA..... Petitioner
                     Through: Ms. Ritu Bhalla & Ms. Riya Basu,
                              Advocates
                     versus

       NAYARA ENERGY LIMITED (FORMERLY KNOWN
       AS ESSAR OIL LIMITED) THROUGH ITS AUTHORISED
       SIGNATORY, PANKAJ TRIPATHI                 ..... Respondent
                      Through: Ms. Anuradha Mukherjee, Ms. Jyoti
                               Dastidar & Ms. Shuchita Chaudhary,
                               Advocates

CORAM:
HON'BLE MS. JUSTICE JYOTI SINGH

JYOTI SINGH, J. (ORAL)

I.A. 16784/2019 Exemption allowed, subject to all just exceptions. Application stands disposed of.

O.M.P.(MISC.)(COMM.) 486/2019

1. Present petition has been jointly filed by the parties under Section 29A(4) & (5) of the Arbitration and Conciliation Act, 1996 ('Act') seeking extension of time for completion of the arbitral proceedings and passing of the Award.

2. It is averred in the petition that the Arbitral Tribunal entered upon reference on 30.05.2018. Statutory period of twelve months under Section 29A(1) of the Act expired on 30.05.2019. On 31.1.2019, time was extended by a period of six months with mutual consent, which is expiring on 30.11.2019.

3. Learned counsels for the parties submit that the proceedings are at the stage of final arguments which are scheduled to commence from 22.1.2020 and pray that the time be further extended for a period of eight months.

4. With the consent of the parties, time for completion of the proceedings and passing of the Award is extended by a period of eight months from 01.12.2019.

5. The petition is allowed in the aforesaid terms.

JYOTI SINGH, J NOVEMBER 29, 2019 rd/