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1996 (11) TMI 301 - SUPREME COURTEffect of the Arbitration and Conciliation Act, 1996 in the present case on the arbitration agreement made prior to the commencement of the New Act. Held that:- There is no dispute that the arbitral proceeding in the present case commenced after the New Act came into force and, therefore, the New Act applies. In view of the term in the arbitration agreement that the two arbitrators would appoint the umpire or the third arbitrator before proceeding with the reference, the requirement of sub-section (1) of section 10 is satisfied and subjection (2) thereof has no application. As earlier stated, the agreement satisfies the requirement of section 7 and, therefore, is a valid arbitration agreement. The appoint- ment of arbitrators must, therefore, be governed by section 11. Thus direct that the Chief Justice of the High Court is to appoint the third arbitrator under section 11(4)(b) in view of the failure of the two appointed arbitrators to appoint the third arbitrator within thirty days from the date of their appointments.
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