Mandate Of Arbitrator Can Be Terminated For Delay In Passing Award Despite Absence Of Automatic Termination Clause In NSE Bye-Laws: Delhi HC

The Delhi High Court has ruled that the mandate of an arbitrator can be terminated for delay in passing an award, despite the absence of an automatic termination clause in NSE bye-laws. This significant decision reinforces the principle of expeditious arbitration, even in specialized contexts like stock exchange disputes. The court emphasized that an arbitrator's undue delay can undermine the very purpose of arbitration (speedy resolution). This ruling provides grounds for seeking termination of an arbitrator's appointment if they fail to deliver an award within a reasonable timeframe, promoting efficiency in dispute resolution.