Application for extension of time period for passing an arbitral award u/s 29A(4) read with Section 29A(5) is maintainable even after Expiry of 12 month: Delhi HC

The Delhi High Court has ruled that an application for the extension of the time period for passing an arbitral award is "maintainable even after the expiry of the month." The court's decision provides a crucial clarification on the interpretation of the Arbitration and Conciliation Act. The ruling prevents procedural delays from scuttling the arbitration process and allows parties to seek extensions from the court even after the prescribed time limit has elapsed, thereby promoting the efficiency and finality of arbitration.