(1) Notwithstanding anything contained in the Arbitration and Conciliation Act, 1996, any dispute or differences arising between licensees or in respect of matters specified in sub-section (1) of section 30, shall be referred to the Commission for arbitration. The Commission may proceed to act as arbitrator or nominate an arbitrator to adjudicate ad settle the dispute. The arbitrator shall follow such procedure as may be in accordance with the principles of natural justice.
(2) Where the award is made by an arbitrator nominated by the Commission it shall be filed before the Commission and the Commission may make an order 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) An award made under sub-section (1) or an order made under sub-section (2) by the Commission involving a valuation of over 50,000 rupees shall be appealable under this Act.
(4) An award made under sub-section (1) or an order made under sub-section (2) by the Commission shall be enforceable as if it were a decree of the Civil Court.