ROOPCHAND MOHANLAL JAIN Vs. CHANDRAPRAKASH

JUDGEMENT

(1.) BY this petition under Section of the Arbitration and Conciliation Act, 1996 (for short 'Arbitration Act 1996'), the Petitioner seeks extension of time for filing claim before Arbitrator. Some of the relevant facts are as under : -

(2.) THE Learned Counsel appearing for the Petitioner submits that the Petitioner was negotiating for settlement of the claim with the first Respondent and therefore could not file the proceedings within time prescribed under the bye -laws of the Respondent No. 2.

(3.) THE Learned Counsel appearing for the 1st Respondent on the other hand submits that by the bye -laws framed by the Respondent No. 2 Exchange are statutory and the arbitration under such bye -laws is statutory arbitration. The Learned Counsel placed reliance upon the bye -law 11.4 which reads as under : -