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The Arbitration and Conciliation Act, 1996: page 20

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    (3) The parties may, by consent, extend the period specified in sub-section (1) for making award for a
further period not exceeding six months.
    (4) If the award is not made within the period specified in sub-section (1) or the extended period
specified under sub-section (3), the mandate of the arbitrator(s) shall terminate unless the Court has,
either prior to or after the expiry of the period so specified, extended the period:
    Provided that while extending the period under this sub-section, if the Court finds that the
proceedings have been delayed for the reasons attributable to the arbitral tribunal, then, it may order
reduction of fees of arbitrator(s) by not exceeding five per cent. for each month of such delay:
    1
      [Provided further that where an application under sub-section (5) is pending, the mandate of the
arbitrator shall continue till the disposal of the said application:
    Provided also that the arbitrator shall be given an opportunity of being heard before the fees is
reduced.]
    (5) The extension of period referred to in sub-section (4) may be on the application of any of the
parties and may be granted only for sufficient cause and on such terms and conditions as may be imposed
by the Court.
    (6) While extending the period referred to in sub-section (4), it shall be open to the Court to substitute
one or all of the arbitrators and if one or all of the arbitrators are substituted, the arbitral proceedings shall
continue from the stage already reached and on the basis of the evidence and material already on record,
and the arbitrator(s) appointed under this section shall be deemed to have received the said evidence and
material.
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    (7) In the event of arbitrator(s) being appointed under this section, the arbitral tribunal thus
reconstituted shall be deemed to be in continuation of the previously appointed arbitral tribunal.
                                                            aC
    (8) It shall be open to the Court to impose actual or exemplary costs upon any of the parties under this
section.                                               di
    (9) An application filed under sub-section (5) shall be disposed of by the Court as expeditiously as
                                                      In
possible and endeavour shall be made to dispose of the matter within a period of sixty days from the date
of service of notice on the opposite party.
                               STATE AMENDMENT
Jammu and Kashmir and Ladakh (UTs).—
  Amendment of sections 29A.—
     (a) for sub-section (1), the following sub-section shall be substituted, namely:––
         “(1) The award shall be made within a period of twelve months from the date the arbitral tribunal
     enters upon the reference.
         Explanation.—For the purposes of this sub-section, an arbitral tribunal shall be deemed to have
     entered upon the reference on the date on which the arbitrator or all the arbitrators, as the case may
     be, have received notice, in writing, of their appointment.”;
       (b) in sub-section (4), omit second and third provisos.
[Vide the Jammu and Kashmir Reorganization (Adaptation of Central Laws) Order, 2020, notification
No. S.O. 1123(E) dated (18-3-2020) and Vide Union Territory of Ladakh Reorganisation (Adaptation of
Central Laws) Order, 2020, notification No. S.O. 3774(E), dated (23-10-2020).]

    29B. Fast track procedure.—(1) Notwithstanding anything contained in this Act, the parties to an
arbitration agreement, may, at any stage either before or at the time of appointment of the arbitral tribunal,
agree in writing to have their dispute resolved by fast track procedure specified in sub-section (3).
    (2) The parties to the arbitration agreement, while agreeing for resolution of dispute by fast track
procedure, may agree that the arbitral tribunal shall consist of a sole arbitrator who shall be chosen by the
parties.


1. Ins. by Act 33 of 2019, s. 6 (w.e.f. 30-8-2019).
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