"The penalty for exceeding the time limit is the
forfeiture of the game." – Howard Staunton.
i. Introduction
The proposal to have a time limit for pronouncing an Arbitral
Award has its origins in the 176th Law Commission Report dated
September 12, 2001, wherein it was proposed that there should be a
specified time period for completing arbitral proceedings.
Based on the 176th Law Commission Report, dated
August 4, 2005, the Arbitration and Conciliation (Amendment) Bill,
2003, was laid on the table of both the Houses of the
Parliament.
However, in 2005, the mandatory time limit was not incorporated
as the legislative wisdom was that such mandatory time limits may
not yield positive results.
