JUDGMENT

Banerjee, J.-Leave granted.

2. Since the decision in Thawardas s case (Thawardas Pherumal & Anr. v. Union of India1) the issue of identifying the Arbitrator, as a court, did come up for consideration before this Court on more occasions than one. Thwaradas (supra) negatived it with a positive finding that the Arbitrator is not a Court within the meaning of the Code of Civil Procedure. Since then there has however, been sea change of events: the repeal of the earlier statute of Arbitration (Arbitration Act, 1940) and introduction of the new Arbitration Act, 1996 (Arbitration and Conciliation Act, 1996) in the statute book has brought about a major change in the sphere of Arbitration. Based on uncitral model of law on International Commercial Arbitration and Conciliation Rules, the Act is stated to be best suited and to sub-serve the Indian conditions having regard to the economic conditions and the effect of globalisation of trade. Incidentally, the Statements of Objects and Reasons of the Arbitration and Conciliation Act records it to be an act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of forei