Section 35 provides that award which remains unchallenged within the
period of time stipulated in 34(3) of the new Act becomes final and binding on the parties
and so also the persons claiming under them. This Act does not empower the Court to
pronounce judgment in accordance with the award as was the case earlier under the
provisions of the Arbitration Act, 1940. All claims which are subject matter of reference
to arbitration merged in the award and after award is pronounced, rights and liabilities
of the parties in respect of such claims can be determined only on the basis of the award.
It is not permissible to initiate action on the basis of the original claim.
