M.M.T.C. Of India vs Ocean Knigh Maritime Co Ltd. And Ors

The Supreme Court held that the application filed under Sections 5, 11, and 12 of the Arbitration Act, 1940 was subject to the Limitation Act, 1963, and thus, the question of limitation must be considered. The Court found that the arbitrators had become functus officio after the stipulated time for the award had lapsed, which justified the appointment of a new arbitrator. Consequently, the Court upheld the High Court's decision to appoint Justice Usha Mehra as the sole arbitrator, affirming the validity of the proceedings initiated by the respondent.