Section 29A Arbitration Act 1996 (inserted by 2015 Amendment) imposes a TIME LIMIT for ARBITRAL AWARD:

1. Section 29A Arbitration and Conciliation Act 1996 (inserted by 2015 Amendment) imposes TIME LIMIT for arbitral award. 2. (1) The award shall be made within a period of 12 MONTHS from the date of completion of pleadings under Section 23(4) — i.e., from the date arbitral proceedings effectively commence. 3. (2015 Amendment: 12 months from constitution of tribunal; 2019 amendment shifted reference to date of completion of pleadings.) 4. (3) The parties may, by consent, EXTEND the time by a further period not exceeding 6 MONTHS. 5. (4) If the award is not made within the period specified or extended, the mandate of the arbitrator(s) shall TERMINATE — unless the COURT extends the period for sufficient cause. 6. (5) Court may impose CONDITIONS for extension including reduction of FEES. 7. (6) Court may impose costs against parties / arbitrators for delay. 8. INTERNATIONAL COMMERCIAL ARBITRATION is exhorted (not bound) by 12 months (Section 29A(1) as amended 2019). 9. Hence option B is correct. _Source: Arbitration and Conciliation Act 1996 (Bare Act) + Mediation Act 2023 — Arbitration and Conciliation Act 1996, Section 29A (inserted 2015)_