Swatanter Kumar, C.J.

The Law of Arbitration was earlier governed by Indian Arbitration Act, 1899. The Code of Civil Procedure, 1908 also provided for arbitration as Special Proceedings in the following terms:

“89. Arbitration.- (1) Save in so far as is otherwise provided by the Indian Arbitration Act, 1899; or by any other law for the time being in force, all references to arbitration whether by an order in suit or otherwise, and all proceedings thereunder, shall be governed by the provisions contained in the Second Schedule.

(2) The provisions of the Second Schedule shall not affect any arbitration pending at the commencement of this Code, but shall apply to any arbitration after that date under any agreement or reference made before the commencement of this Code.”

The said provision however, was repealed by section 49 and Schedule III of Arbitration Act (10 of 1940). The Arbitration Act of 1940 itself was repealed by section 85 of the Arbitration and Conciliation Act, 1996, hereinafter referred to as the `Act’. This Act comprehensively amended the then existing law in relation to arbitration and provided for a complete methodology and mechanism which would govern r