RAJIV SAHAI ENDLAW, J.

1. Both these petitions under Section 34 of the Arbitration and Conciliation Act, 1996 raise identical issues of facts and law and are taken up together for consideration.

2. The challenge is to the arbitral awards both dated 6th November, 2006 of an Arbitral Tribunal constituted under the National Stock Exchange of India Byelaws, to the effect that the reference to the Arbitral Tribunal of the claims of each of the petitioners was beyond the period of six months prescribed in Byelaw 3 of Chapter XI. The Arbitral Tribunal thus rejected the reference without expressing any opinion on the merits of the matter and about the right of the petitioners to re-agitate the matter by filing civil suit and enforcing their rights, if any.

3. The factual controversy is relevant. Each of the petitioners had instituted suits in this court for recovery of monies from the respondent. The applications under Section 8 of the Act came to be filed in the said suits and which were disposed of vide common order dated 25th November, 2005. It was the contention of the respondent who was the defendant in the said suits that under the byelaws, there is arbitration clause a