Hi Shreyasi,
In the UI, the schedule has a property for the maximum number of concurrent runs. If there are fewer than the max, the run will begin without delay. If there are max concurrent runs already, the run will be rejected and skipped. Note that this only applies to pipelines started by schedules. Runs started directly through the API or the run button on the UI will not check these constraints. By default, the UI sets max concurrent runs to 1, which disallows multiple concurrent runs.
Regards,
Albert