( 1 ) HEARD Sri Ramesh Chandra Gupta, learned counsel for the appellant and Sri Ashok Pandey learned counsel for the respondent no. 1. Respondent no. 2 is only a formal party.

( 2 ) A dispute arose between the appellant and respondent no. 1 with regard to transaction of 1300 shares of Reliance Capital Limited which was referable to Arbitration under the Bye laws of U. P. Stock Exchange Association Limited. The Arbitral Tribunal vide award dated 16. 10. 2006 directed the appellant to make payment of Rs. 91,220/- to the respondent within three months in full and final settlement of 1300 shares of Reliance Capital Limited which were the subject matter of dispute. Against the said award appellant filed objection under Section 34 of the Arbitration and Conciliation Act, 1996. Besides, the two other objections that the award is against the public policy of India and that the tribunal lacked authority, the primary objection of the appellant before the court below was that that the claim raised by the respondent was barred by time. The said objections have been rejected by the court below by the impugned judgment and order dated 25. 2. 2009 inter alia on the reasoning tha