JUDGMENT :

AJAY RASTOGI, J.

1. The instant appeal is directed against the final judgment and Order dated 14th March, 2008 passed by the High Court of Judicature at Bombay whereby the High Court while dismissing the Arbitration Petition held that the appellants had waived their right to the extension of time for completion of the arbitration proceedings and making the award, beyond the stipulated period of four months.

2. The seminal facts in brief relevant for the present purpose are that the appellants are partners of a partnership firm by the name Hetali Construction Company. The first respondent is a company incorporated under the Companies Act, 1956 and is a claimant in the arbitral proceedings which was initiated pursuant to the arbitration agreement dated 28th April, 2000. The first respondent Subhtex India Limited instituted an application under Section 11 of the Arbitration and Conciliation Act, 1996(hereinafter being referred to as the "Act 1996") for appointment of an Arbitrator in A.P. No. 150 of 2003 before the High Court of Judicature at Bombay despite resistance by the present appellants that the agreement dated 28th April, 2000 was a collusive and a forged document. Ini