Hon'ble Judges/Coram:
N.V. Ramana, Mohan M. Shantanagoudar and Ajay Rastogi

JUDGMENT

Ajay Rastogi, J.

1. The instant appeal is directed against the final judgment and Order dated 14^th March, 2008 passed by the High Court of Judicature at Bombay whereby the High Court while dismissing the Arbitration Petition held that the Appellants had waived their right to the extension of time for completion of the arbitration proceedings and making the award, beyond the stipulated period of four months.

2. The seminal facts in brief relevant for the present purpose are that the Appellants are partners of a partnership firm by the name Hetali Construction Company. The first Respondent is a company incorporated under the Companies Act, 1956 and is a claimant in the arbitral proceedings which was initiated pursuant to the arbitration agreement dated 28^th April, 2000. The first Respondent Subhtex India Limited instituted an application Under Section 11 of the Arbitration and Conciliation Act, 1996(hereinafter being referred to as the "Act 1996") for appointment of an Arbitrator in A.P. No. 150 of 2003 before the High Court of Judicature at Bombay despite resistance by the present Appellants that the agreement dated 28^th April, 2000 was a collusive and a forged document. Initially, by an Order dated 14^th November, 2003, late Shri Justice V.D. Tulzapurkar, former Judge of this Court was appointed as a sole Arbitrator without prejudice to the rights and contentions of the parties and it was clarified that the views expressed in the order dated 14^th November, 2003 about the existence, validity and effect of the arbitration agreement were prima facie and it would be open to be examined by the learned Arbitrator Under Section 16 of the Act, 1996. The order passed by the Single Judge of the High Court dated 14^th November, 2003 was a subject matter of challenge in a writ petition filed Under Article 226 of the Constitution of India which was dismissed vide judgment and order dated 20^th January, 2004 with an observation that adequate remedies are available Under Section 16 of raising all contentious issues relating to the existence of the arbitration agreement and constitution of the Arbitral Tribunal, before the Tribunal.

3. The order of the Division Bench ........