Good answer Sanjeeta..
I would like to add what Sanjeeta has already explained..
Actually setup and hold times are the characteristics of the flip flop (FF's )(Sequential ckts). These FFs are designed such that the data should be available some time (setup) before the clock edge and should be stable for some time (hold) after the clock edge. Please note the setup and hold time of the FF's are decided by the designer of those FF.
The typycal values of these ckts in 180nm technology could be 1 to 5ns(setup) 1to -2ns (hold). Worth noting here the hold time could be negative also.
Now with this information I have a question to all students?
What happens if hold time violates? How to fix it?
What happens if setup time violates ? how to fix it?
Show pictorially how setup or hold could violate?