High Court of Delhi clarifies the scope of Section 29A of the Arbitration Act
Reliance Communications Infrastructure Limited (“Petitioner”) filed a petition under Section 29A(5) of the Arbitration and Conciliation Act, 1996 (“Act”) through its Resolution Professional, Mr. Anish Niranjan Nanavaty (“RP”), to extend the mandate of the arbitral tribunal adjudicating the disputes with Bharat Sanchar Nigam Limited (“Respondent”).
The Respondent objected to the maintainability of the petition on the ground that the Corporate Insolvency Resolution Period (“CIRP”) of Petitioner of 270 days ended on 22 June 2020 and therefore, the authority of the RP ceased to exist while execution of the petition. The Respondent also contested that no further extensions in the CIRP could be granted to the RP in view of the first proviso to Section 12(3) of the Insolvency and Bankruptcy Code, 2016 (“IBC”).
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