Gaurang Kanth, J. :-
1. The present Petition has been filed under Section 29A of the Arbitration
and Conciliation Act, 1996, seeking extension of the mandate of the
arbitral tribunal for completion of the arbitral proceedings and for
publication of the arbitral award.
2. The brief facts giving rise to the present Petition are set out hereunder:
3. The Petitioner extended a credit limit of Rs. 4,00,00,000/- to the
Respondent vide facility agreement dated 30.03.2019. During Covid period,
there was default in repayment and hence the parties renegotiated and
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entered in to a supplementary agreement dated 30.06.2021. However, the
Respondents defaulted in repayment as per the terms of the said
supplementary agreement. Disputes having arisen between the parties,
the Petitioner, by letter dated 22.03.2022, invoked the arbitration clause
as contained in the Facility Agreement dated 30.03.2019 and
supplementary agreement dated 30.06.2021 executed between the parties.