M.B. Shah, J. - These appeals are directed against the judgment and order dated 27th April, 2000 passed by the High Court of Bombay, Goa Bench, in Arbitration Appeal No. 1 of 1993 etc. etc.

2. In pending appeals, a contention was raised by the appellant that appeals filed by the respondents under Section 37 of the Arbitration Act, 1940 (hereinafter referred to as the Old Act), are required to be decided on the basis of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the New Act) because the arbitration agreement provides as under :-

"Subject as aforesaid the provisions of the Arbitration Act, 1940, or any statutory modification or re-enactment thereof and the Rules made thereunder and for the time being in force shall apply to the arbitration proceedings under this clause."

3. That contention was rejected by the High Court. Hence, these appeals.

4. In support of aforesaid contention, learned senior counsel Mr. Desai for the appellant relied upon the decision in Thyssen Stahlunion GMBH v. Steel Authority of India Ltd., 1999(9) SCC 334.

5. Before referring to the decision in Thyssens case, we would first refer to Section 85 of the New Act, which reads as