Raveendran, J. - (1.) I respectfully agree with the judgment proposed by learned Brother Panchal, J. Having regard to the importance of the issue, I am add ing a few of my own reasons.
(2.) Two questions of law arise for our consideration : (i) Whether Limitation Act, 1963 is inapplicable to a proceeding in a court, under the Arbitration and Conciliation Act, 1996 (ii) Even if Limitation Act, 1963 is applicable, whether applicability of section 14 of the said Act is excluded to proceedings under section 34(1) of the Arbitration and Conciliation Act, 1996 Re : Question No. (i) :
(3.) Learned counsel for the appellant contended that the Arbitration and Concili ation Act, 1996 (AC Act for short) is a self-contained Code relating to arbitration and all matters incidental thereto including limitation. He submitted that section 34(3) of AC Act prescribes the period of limitation for an application for setting aside the arbitral award, when such period can be extended and the limit to which it could be extended. Section 43 of the AC Act makes the provisions of the Limitation Act, 1963 (Limitation Act for short) applicable only to proceedings in arbitration and not to proceedings in court. Therefore, the provisions of Limitation Act are inapplicable to proceedings in a court under the AC Act.;