Indian Supreme Court: Whether reference to arbitration in terms of 1940 Act (in an agreement signed after 1996 Act came into force) was such a fundamental mistake to invalidate the entire arbitration clause such that there could not be any reference to arbitration at all?

In Purushottam s/o Tulsiram Badwaik v. Anil & Ors. (Civil Appeal No.4664 OF 2018(Arising out of SLP (Civil) No.14589 of 2016)) dated 2nd May 2018, the Supreme Court of India, addressed the issue of whether reference to arbitration in terms of Indian Arbitration Act, 1940 (in an agreement signed after the new Indian Arbitration Act,…