MMTC LTD. Vs. GLITTER OVERSEAS

JUDGEMENT

(1.) This is a petition filed under Section 29-A(4) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act). It is submitted that the arbitration proceedings were initiated in the year 1999. Proceedings were revived by this Court in the year 2018. Thereafter some proceedings have been held. The respondents after revival, have entered appearance on 13.08.2018. The matter was fixed for admission/denial of documents on 29.08.2018. Statutory period for passing the Award expired on 18.01.2019 and by consent of the parties, on 15.12.2018, the time was further extended for a period of six months with effect from 18.01.2019. The extended period also expired on 18.07.2019. The parties are ad idem that the matter is at the stage of final arguments.

(2.) In the aforesaid circumstances, the prayer is made to extend the time for further period of six months for completion of the arguments and passing of the Award.

(3.) Learned counsel for the respondents has no objection to the prayer made in the petition.