The order was passed on a case dealing with an arbitral award which was passed after the mandate of the arbitral tribunal was terminated.
One of the parties to the arbitration, Indian Oil Corporation Ltd (2nd respondent), paid the amount that was due by the respondents.
However, the first respondent, Cochin Port Trust, moved a commercial court arguing that since the award was passed after the time limit lapsed, it would not be enforceable.
This prompted the petitioner in this case, RKEC Projects Ltd. to move the High Court contending that an application for extension of time can be considered by the Court even at this point.
However, Cochin Port Trust argued that extension of time should have been sought before the award was passed.
It was submitted that after the mandate of the arbitrator has ceased, the arbitrator or the arbitral tribunal could not have passed an award without the time provided having been extended as specifically provided under Section 29A of the Arbitration and Conciliation Act, 1996.
Source: Barandbench
