Answer By law4u team
Yes, there are statutory time limits for completing arbitration proceedings in India, as provided under the Arbitration and Conciliation Act, 1996. These time limits are aimed at promoting the expeditious resolution of disputes through arbitration. Here are the key statutory provisions regarding time limits for arbitration proceedings in India: Time Limit for Making the Arbitral Award (Section 29A): Section 29A of the Arbitration and Conciliation Act, 1996, introduced in 2015, imposes a specific time limit for making the arbitral award. Unless otherwise agreed by the parties, the arbitral tribunal is required to endeavor to make the award within 12 months from the date the arbitral tribunal enters upon the reference. This time limit can be extended by a further period of up to six months by the parties by mutual consent. Fast-Track Procedure (Section 29B): Section 29B provides for a fast-track procedure for conducting arbitration in cases where parties agree. Under this procedure, the arbitral tribunal is required to make the award within six months from the date the arbitral tribunal enters upon the reference. Time Limit for Challenging an Award (Section 34(3)): Section 34(3) specifies a time limit for challenging an arbitral award. A party aggrieved by an arbitral award must make an application for setting aside the award to the court within three months from the date of receipt of the award. Time Limits for Court-Ordered Extension (Section 29A(4)): Section 29A(4) empowers the court to extend the time limit for making the arbitral award by a further period of six months if it is satisfied that the award cannot be made within the initial or extended time limit due to sufficient cause. Interim Measures and Preliminary Orders (Section 17): Section 17 provides for interim measures by the arbitral tribunal. The tribunal is required to make any interim measure or preliminary order within the time frame agreed upon by the parties or within such time limit determined by the tribunal. These statutory time limits for completing arbitration proceedings in India are intended to ensure the efficient and timely resolution of disputes through arbitration, promoting the objectives of arbitration, including party autonomy, minimal court intervention, and speedy resolution of disputes. However, parties may also agree to different time limits or procedures in their arbitration agreement, subject to the provisions of the Arbitration and Conciliation Act, 1996.
