Report No. 76
10.12. Section 47.-
Section 47 provides that, subject to the provisions of section 46, and save in so far as is otherwise provided by any law for the time being in force, the provisions of this Act shall apply to all arbitration and to all proceedings thereunder. The proviso enacts that an arbitration award other wise obtained may, with the consent of all the parties interested, be taken into consideration as a compromise or adjustment of a suit by any Court before which the suit is pending.