For Ready Reference :
- Section 23 (4) : The statement of claim and defence under this section shall be completed within a period of six months from the date the arbitrator or all the arbitrators, as the case may be, received notice, in writing, of their appointment.
- Section 29(A) 1 : Time limit for arbitral award – within a period of twelve months from the date the arbitral tribunal enters upon the reference.
- Section 29(A) 4 : If the award is not made within the period specified in subsection (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.
The Court held that amended Sections 23(4) and 29(A) 1 of the Arbitration and Conciliation Act, being procedural law, would apply to pending arbitration’s as on the date of the amendment.
REFER : Shapoorji Pallonji and Co. Pvt. Ltd. v. Jindal India Thermal Power Limited [Judgment dated January 23, 2020 OMP (Misc.) (Comm.) 512/2019]
REFER : Judgement by HON’BLE MR. JUSTICE V. KAMESWAR RAO, OMP(MISC) (COMM) 256/2019, I.A. 4989/2020, ONGC PETRO ADDITIONS LIMITED Vs FERNS CONSTRUCTION CO. INC , judgement given on 21.07.2020 has clarified that it must be held that the provisions of Section 29A (1) shall be applicable to all pending arbitration’s seated in India as on August 30, 2019 and commenced after October 23, 2015