Would The Chit Funds Act, 1982, Being A Self-Contained Code, Prevail Over The Provisions Of The Arbitration And Conciliation Act,1996?

The Bombay High Court (Court), in its recent decision in Dinesh Jaya Poojary vs Malvika Chits India Pvt Ltd (Arbitration Petition No 549 of 2016), had the occasion to deal with the above question in a petition filed under Section 34 of the Arbitration & Conciliation Act 1996 (Arbitration Act), which inter alia, challenging the award of an arbitral tribunal (Impugned Award) on the ground that the Arbitrator acted without jurisdiction.

Background:

One Mr Harish Pujary (Subscriber), the brother of the Petitioner, was a member of the chit group of the Respondent (a Chit Fund Company). The Subscriber executed an agreement with the Respondent to pay future/ balance subscription with all other amounts due and payable under the chit fund scheme till the date of termination of Chit Fund.