Milkfood Limited vs M/S Gmc Ice Cream (P) Ltd

The Supreme Court held that the Arbitration and Conciliation Act, 1996 applies to arbitration agreements entered into after its enactment, superseding the Arbitration Act, 1940. The Court clarified that a request for stay under Section 34 of the 1940 Act does not constitute a reference to arbitration, and thus the arbitration proceedings commenced only upon the appointment of arbitrators as per the consent order. The Court upheld the decision of the arbitrators regarding the applicability of the 1996 Act, affirming the validity of the arbitration process initiated under it.