Section 29A(4) in The Arbitration And Conciliation Act, 1996
(4)If the award is not made within the period specified in sub-section (1) or the extended period specified under sub-section (3), the mandate of the arbitrator(s) shall terminate unless the Court has, either prior to or after the expiry of the period so specified, extended the period:Provided that while extending the period under this sub-section, if the Court finds that the proceedings have been delayed for the reasons attributable to the arbitral tribunal, then, it may order reduction of fees of arbitrator(s) by not exceeding five per cent. for each month of such delay.[Provided further that where an application under sub-section (5) is pending, the mandate of the arbitrator shall continue till the disposal of the said application:Provided also that the arbitrator shall be given an opportunity of being heard before the fees is reduced.] [Inserted by Act No. 33 of 2019, dated 9.8.2019.]
