9B. Powers of the Special Court in arbitration matters.-
(1) The Special Court shall have the jurisdiction and powers of a Court conferred under the Arbitration Act, 1940 (10 of 1940) to decide any question forming subject matter of a reference relating to any matter or claim mentioned in sub-section (1) of section 9A.
(2) Every suit or other proceeding (other than an appeal) in relation to any matter or claim referred to in sub-section (1) of section 9A pending before any Court and governed by the Arbitration Act, 1940 (10 of 1940), immediately before the date of commencement of the Special Court (Trial of Offences Relating to Transactions in Securities) Amendment Act, 1994 (24 of 1994) shall stand transferred on that date to the Special Court.
Explanation.-For the purposes of this section, the expressions "Court" and "reference" shall have respectively the same meanings as defined under clauses (c)and (e)of section 2 of the Arbitration Act, 1940 (10 of 1940).]