Section 5 of the Limitation Act is:

A. Applicable to the proceedings under Section 34, Arbitration and Conciliation Act, 1996 and the time limit prescribed under Section 34 can be extended generally

B. Not applicable to the proceedings under Section 34 Arbitration & Conciliation Act, 1996 and the time limit prescribed under Section 34 is absolute and un-extendable

C. Applicable to the proceedings under Section 34 Arbitration and Conciliation Act, 1996 and time limit prescribed under Section 34 can be extended only in exceptional circumstances

D. Not applicable to the proceedings under Section 34, Arbitration and Conciliation Act, 1996, however, the time limit prescribed under Section 34 can be extended under inherent powers of the court

Answer: Option B