The HC set aside the Appellate Award as time-barred under...

The HC set aside the Appellate Award as time-barred under Section 34 of the Arbitration Act for violating public policy. The reconstituted Appellate Tribunal exceeded the mandatory three-month timeframe prescribed under NSE Bye-Law 19(b) and SEBI Circular Clause 6.5, passing the award beyond the permissible extension period without proper authorization. The court held that limitation periods in arbitration serve public policy by ensuring expeditious dispute resolution, and the use of "shall" in the bye-laws creates mandatory timelines. The petitioner's filing of written submissions did not constitute waiver of objection rights to the tribunal's mandate, and excessive delays contravene arbitration's fundamental purpose of swift justice.