(1) Where any dispute arises or is pending between the accredited representative and the State Government in respect of any of the matters specified below or such other matter as may be prescribed, it shall be determined by an arbitrator appointed by the State Government who shall be a District Judge or a person who is a retired High Court Judge or a retired District Judge :-
(a) the amount of compensation payable in respect of the undertaking as a whole or any component part thereof ;
(b) whether any property, belonging, or any right, liability or obligation attaching, to the undertaking vests in the State Government ;
(c) whether any fixed assets from part of the undertaking ;
(d) whether any agreement to supply electricity entered into by the licensee prior to the vesting date is of the nature referred to in the proviso to sub-section (3) of section 6 ;
(e) whether the State Government is entitled to deduct any sum section 8 or section 9.
(2) Subject to the provisions of this section, the provisions of the Arbitrary Act, 1940 shall apply to all arbitrations this Act.
(3) The arbitrator may, if he thinks it expedient to do so, call in the one or more qualified assessors and hear the whole or any part of the reference with the aid of such assessor or assessors.