Tata Capital Finance Services Limited v. Kanchan Motors And ANR.

917 CARBP 994 OF 2019 vks

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO.994 OF 2019 Tata Capital Financial Services Ltd ...

Petitioner V/s.

Kanchan Motors and anr ...

Respondents Ms. Sonali Mehta a/w Ms. Mansi Kalvit i/by M. J. Humranwala, for the Petitioner.

Mr. Mayank Bagla i/by Jainish Jain, for respondent CORAM : G. S. KULKARNI, J.

DATE : 19th September, 2019.

P.C. :

1] Heard learned counsel for the petitioner and learned counsel for the respondent.

2] This is a petition filed under Section 29-A of the Arbitration and Conciliation Act, 1996 (for short called as, "the Act"), whereby the petitioner prays for extension of the mandate of the arbitral tribunal to conclude the arbitral proceedings and publish an award. Learned counsel for the petitioner has drawn my attention to clause No.XV of the Channel Agreement and clause No.29 of the Letter of Guarantee, whereunder the parties have agreed for arbitration. Learned counsel for petitioner has also drawn my attention to the procedure and the minutes of the meeting held 1/2

917 CARBP 994 OF 2019 on 4th February, 2019.

3] The arbitral tribunal has proceeded further as also the earlier arbitrator is now substituted by appointing a new arbitrator. It is, thus, in the interest of justice, the parties should proceed further in the arbitral proceedings and see that proceedings are taken up and concluded as expeditiously as possible.

4] Having heard the learned counsel for the parties and having perused the averments as made in the petition, in my opinion, it in the interest of justice that the petition be allowed. Accordingly time to conclude the arbitral proceedings and make an award is extended by a period of six months from 27th July, 2019.

5] Petition stands disposed of in above terms. No cost. [G. S. KULKARNI, J] 2/2