(1) Notwithstanding anything contained in the Arbitration Act, 1940 (10 of 1940) any dispute arising between licensees or in respect of matters provided under Section 33 shall be referred to the Commission. The Commission may proceed to act as arbitrator or nominate arbitrators to adjudicate and settle such dispute. The practice or procedure to be followed in connection with any such adjudication and settlement shall be such as may be prescribed by regulations.
(2) Where the award is made by the arbitrator appointed by the Commission it shall be filed before the Commission and the Commission shall be entitled to pass appropriate orders on the award including, orders to -
(a) confirm and enforce the award;
(b) set aside or modify the award; or
(c) remit the award for reconsideration by the arbitrator.
(3) The order passed by the Commission under Sub-section (2) shall be a decision or order of the Commission and shall be appealable as provided in this Act.(4) An award made or an order passed by the Commissioner under Subsection (2) shall be enforceable as if it were a decree of the Civil Court.