Arbitration under arbitration act 1940

Din Dayal (Querist) 13 February 2014 This query is : Resolved
A recent contract, by oversight states that dispute under the contract will be resolved under old Act of 1940 , though it should have referred to 1996 Act . I hope that 1996 Act should apply in this contract automatically . Will there be any problem? I am a novice and therefore seek guidance . pl help.Regards.

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Devajyoti Barman (Expert) 13 February 2014
Yes, after the coming of 1996 Act, this Act will apply only even if you mention the old Act.

Advocate. Arunagiri (Expert) 13 February 2014
No problem. Mentioning of the wrong year of the ACT is not at all a problem.

Dr J C Vashista (Expert) 14 February 2014
The arbitrator will have to consider the case under the Act of 1996, no problem

Rajendra K Goyal (Expert) 14 February 2014
Agree with the experts.

Murali Krishna (Expert) 14 February 2014
As Arbitration Act, 1940 is repealed and no more in existence, question of resolution of disputes under that Act does not arise. Hence, said wrong mentioning will not have any affect.

V R SHROFF (Expert) 14 February 2014
it will not matter.

ajay sethi (Expert) 14 February 2014
agree with experts that arbitrator will consider case under act of 1996

Guest (Expert) 14 February 2014
Mr. Din Dayal,

Depends upon whether the agreement was entered in to or the case has arisen before or after the date of enforcement of the latest act.

Better discus the real problem, if any has arisen out of the stated mistake, otherwise, the opposite party would not hesitate to take advantage of the mistake even through the court of law, whenever the case is referred for arbitration.