(1) Where it is provided by a term in a contract to which an insolvent is a party that any dispute arising there out or in connection therewith shall be submitted to arbitration, the said term shall, if the receiver adopts the contract, be enforceable by or against him so far as it relates to any such dispute.
(2) Where a person who has been adjudged an insolvent had, before the commencement of the insolvency proceedings, become a party to an arbitration agreement, and any matter to which the agreement applies is required to be determined in connection with, or for the purposes of, the insolvency proceedings, then, if the case is one to which sub-section (1) does not apply, any other party or the receiver may apply to the judicial authority having jurisdiction in the insolvency proceedings for an order directing that the matter in question shall be submitted to arbitration in accordance with the arbitration agreement, and the judicial authority may, if it is of opinion that, having regard to all the circumstances of the case, the matter ought to be determined by arbitration, make an order accordingly.
(3) In this section the expression "receiver" includes an Official Assignee.
Arbitration and Conciliation Act 1996
Section 41 of Arbitration Act - Provisions in case of insolvency
Section 42 of Arbitration Act - Jurisdiction
Section 42A of Arbitration Act - Confidentiality of information
Section 42B of Arbitration Act - Protection of action taken in good faith
Section 43 of Arbitration Act - Limitations
Section 44 of Arbitration Act - Definition
Section 45 of Arbitration Act - Power of judicial authority to refer parties to arbitration
Section 46 of Arbitration Act - When foreign award binding
Section 47 of Arbitration Act - Evidence
Section 48 of Arbitration Act - Conditions for enforcement of foreign awards
Section 49 of Arbitration Act - Enforcement of foreign awards
Section 50 of Arbitration Act - Appealable orders