JUDGMENT

A.K. Mathur, J. - Leave granted.

2. Both these appeals involve similar question of law therefore, they are disposed of by this common order. For convenient disposal of both these appeals, the facts given in Civil Appeal arising out of S.L.P.(C) No.6963 of 2005 are taken up for consideration.

3. This appeal is directed against the order passed by the Division Bench of the Bombay High Court in Appeal No.738 of 2004 on 2.12.2004 whereby the Division Bench of the High Court has affirmed the order of learned Single Judge. Learned Single Judge in turn has affirmed the order of the Arbitral Tribunal whereby the Arbitral Tribunal has upheld the objection of the respondent that the claim raised by the appellant is barred by limitation as per Bye-laws of the National Stock Exchange of India Limited.

4. A claim was made by M/s. HCG Stock and Share Brokers Limited (hereinafter to be referred to as the "appellant") before the Arbitral Tribunal and it was contested by the present respondent on the ground of limitation. The Arbitral Tribunal framed preliminary issue on limitation and held that the claim was barred by time and accordingly rejected the appellants claim. Aggrieved aga