law: The Arbitration and Conciliation Act, 1996
  41. Provisions in
  
  case of insolvency.
  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 bad, 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.