law: Arbitration Act 1940
  Section 28
  Rules Applicable to Substance of Dispute
  (1) Where the place of arbitration is situate
  
  in India  , -
  (a)  in 
  
  an arbitration other than an international commercial arbitration, the arbitral
  
  tribunal shall decide the dispute submitted to arbitration in accordance with
  
  the substantive law for the time being in force in India  ;
  (b)  in 
  
  international commercial arbitration, -
  ( i )
  
   the  arbitral tribunal shall decide the dispute in
  
  accordance with the rules of law designated by the parties as applicable to the
  
  substance of the dispute;
  (ii) any designation
  
  by the parties of the law or legal system of a given country shall be construed,
  
  unless otherwise expressed, as directly referring to the substantive law of
  
  that country and not to its conflict of laws rules;
  (iii)  failing  any designation of the law under clause (a) by the
  
  parties, the arbitral tribunal shall apply the rules of law it considers to be
  
  appropriate given all the circumstances surrounding the dispute.
  (2) The arbitral tribunal shall decide ex  aequo et  bono or as amiable  compositeur  only if the parties have expressly authorized
  
  it to do so.