Arbitration

(1) where any dispute arises in respect of any of the matters specified below, it shall be determined by an arbitrator appointed by the Government, who shall be a sitting or retired District or High Court Judge:─ (a) whether any property belonging, or any right, liability or obligation attaching, to the undertaking, vests in the Government; (b) whether any fixed asset forms part of the undertaking; (c) whether any hire-purchase agreement or other contract referred to in clause (ii) or clause (iii) of sub section (1) of section 4 has been entered into bona fide or not. (2) Subject to the provisions of this section, the provisions of the Arbitration Act, 1940 (Central Act 10 of 1940), shall apply to all arbitrations under this Act.