Akasa Finance Limited v. Sai Precious Traexim Private Limited & Anr.
Case brief
What is this about?
Keywords: Section 29(A) (4) & (5) Arbitration and Conciliation Act 1996; Section 29A(4)/(5); extension of mandate of Arbitral Tribunal; mandate expiry 17.02.2025; decision on award reserved; no objection by respondent; exemption application allowed; Delhi High Court; Manoj Kumar Ohri; OMP(MISC)(COMM) 135/2025; Akasa Finance Limited; Sai Precious Traexim Private Limited. Summary: Single-judge order of the High Court of Delhi allowing a petition under Section 29(A)(4) & (5) of the Arbitration and Conciliation Act, 1996 and extending the mandate of the Arbitral Tribunal for passing of the award by 3 months from 17.02.2025, with respondents giving no objection and award already reserved; exemption application I.A. 3493/2025 allowed subject to all just exceptions.
What did the court decide?
Mandate of the Arbitral Tribunal for passing of the award extended for a period of 3 months with effect from 17.02.2025; exemption application I.A. 3493/2025 allowed subject to all just exceptions; the present petition disposed of accordingly.