The main issue which fell for consideration before the Hon’ble Delhi High Court, in the attached judgment, was whether The Arbitration and Conciliation (Amendment Act), 2015 (“Amendment Act”), more specifically whether the time limit prescribed under section 29A of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), would apply to a pending proceeding where the arbitral proceedings have already commenced.
Facts in brief:
The suit was filed praying for declaration that the mandate of the arbitral tribunal constituted stands terminated in terms of section 29A of the Arbitration Act.
Judgment and analysis:
It was observed by the Hon’ble Delhi High Court that section 26 of the Arbitration Act clearly specifies that the Amendment Act does not apply to arbitral proceedings commenced in accordance to section 21 of the Arbitration Act prior to the Amendment Act coming into force. Further, the arbitral proceeding in questions was initiated prior to commencement of the Amendment Act which introduced section 29A and the hence the mandate of the arbitral tribunal did not stand terminated. It was further held that the Amendment Act was prospective in nature and section 29A of the Arbitration Act was therefore not applicable in the present case.
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