Section 33 in The Petroleum and Natural Gas Rules, 1959
33. Arbitration of disputes. - Every license or lease shall be subject to the following term, namely:--
Any dispute including [* * *] a dispute regarding the market price referred to in rule 18 between the Government and the licensee or the lessee regarding--(a)any right claimed by the licensee or the lessee under the license or the lease, or(b)any breach alleged to have been committed by the licensee or the lessee of any of the terms, covenants or conditions of the license or the lease, or any penalty proposed to be inflicted therefor, or(c)the fees, royalty or rents payable under the license or the lease, or(d)any other matter or thing connected with the license or the lease, [shall be settled through arbitration and conciliation proceedings under the provisions of the Arbitration and Conciliation Act, 1996 and the rules made thereunder as are applicable to such proceedings.] [ Substituted by G.S.R. 295(E), dated 1.4.2003.][The arbitrators or the umpires, as the case may be, may, from time to time, with the consent of all the parties to the contract, enlarge the time, for making the award, subject as aforesaid, the provisions of the Arbitration Act, 1940, and the rules thereunder for the time being in force shall apply to the arbitration proceedings under this clause.] [ Added by G.S.R. 371, dated 9.3.1966.]
