Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
SC held that the sole arbitrator's mandate had automatically terminated on expiry of the statutory period under Section 29A(1) of the Arbitration and Conciliation Act, 1996, after exclusion of the Covid-19 period. As no application for extension was made before expiry, the arbitrator became functus officio and could not continue. SC ruled that the HC erred in merely extending the mandate instead of substituting the arbitrator under Section 29A(6). The impugned HC order was quashed, the existing arbitrator's mandate was declared terminated by operation of law, and a former HC judge was appointed as substituted sole arbitrator, directed to conclude proceedings within six months. Appeal allowed.
SC held that the sole arbitrator's mandate had automatically terminated on expiry of the statutory period under Section 29A(1) of the Arbitration and Conciliation Act, 1996, after exclusion of the Covid-19 period. As no application for extension was made before expiry, the arbitrator became functus officio and could not continue. SC ruled that the HC erred in merely extending the mandate instead of substituting the arbitrator under Section 29A(6). The impugned HC order was quashed, the existing arbitrator's mandate was declared terminated by operation of law, and a former HC judge was appointed as substituted sole arbitrator, directed to conclude proceedings within six months. Appeal allowed.
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