Can Arbitration awarded be challenged on a time barred debt?

Situation : One of my friends (from Delhi) entered into a loan agreement with some financial institution. The loan was not re-paid by my friend. After more than 10 years passed, the finance company referred matter as dispute to sole arbitrator in Mumbai. Notice was received by my friend by post and on receipt of second notice my friend replied in writing (through speed post) that subject debt is barred by limitation (Time-barred). The sole arbitrator completely ignored the letter sent by my friend and passed order without any reference to my friend’s letter. Also sole arbitrator did not mention the issue stated in the letter regarding the limitation by time. What action shall be taken by my friend?
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