Badar Durrez Ahmed, J.

1. This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the said Act) has been filed challenging the Award made by the Arbitral Tribunal on 10.05.2007.

.2. By virtue of the impugned Award the petitioners claim was found to be barred by time. The Arbitral Tribunal referred to Chapter XI of the bye-laws framed by the

.National Stock Exchange of India. The said Chapter pertains to arbitration. Byelaw (3) of Chapter XI stipulates the limitation period for reference of claims, differences or disputes for arbitration. It stipulates that all claims, differences or disputes referred to in bye-laws (1), (1A), (1B) and (1D) shall be submitted to arbitration within six months from the date on which the claim, difference or dispute arises or is deemed to have been arisen. It further provides that time taken in conciliation proceedings, if any, initiated and conducted as per the provisions of the said Act and the time taken by the Relevant Authority to administratively resolve the claim, differences or disputes shall be excluded for the purpose of determining the period of six months. The Arbitral Tribunal took