What do you mean by "Fast Track Procedure"? Discuss the procedure to be followed by arbitral tribunal to resolve the dispute between the parties under the Arbitration and Conciliation Act, 1996.

Fast Track Arbitration procedure is to speed up the arbitration process in India under the Arbitration and Conciliation Act, 1996. Section 29B(1) of the Arbitration and Conciliation Act, 1996 provides that notwithstanding anything contained in this Act, the parties to an arbitration agreement, may, at any stage either before or at the time of appointment of the arbitral tribunal, agree in writing to have their dispute resolved by fast track procedure specified in sub-section (3). Section 29B (2) states that the parties to the arbitration agreement, while agreeing for resolution of dispute by fast track procedure, may agree that the arbitral tribunal shall consist of a sole arbitrator who shall be chosen by the parties. Section 29B (3) says that the arbitral tribunal shall follow the following procedure while conducting arbitration proceedings under sub-section (1): The arbitral tribunal shall decide the dispute on the basis of written pleadings, documents and submissions filed by the parties without any oral hearing; The arbitral tribunal shall have power to call for any further information or clarification from the parties in addition to the pleadings and documents filed by them; An oral hearing may be held only, if, all the parties make a request or if the arbitral tribunal considers it necessary to have oral hearing for clarifying certain issues; The arbitral tribunal may dispense with any technical formalities, if an oral hearing is held, and adopt such procedure as deemed appropriate for expeditious disposal of the case. Section 29B (4) states that the award under this section shall be made within a period of six months from the date the arbitral tribunal enters upon the reference. Section 29B(5) provides that if the award is not made within the period specified in sub-section (4), the provisions of sub-sections (3) to (9) of section 29A shall apply to the proceedings. Section 29B (6) provides that the fees payable to the arbitrator and the manner of payment of the fees shall be such as may be agreed between the arbitrator and the parties.