Dispute as to compensation

Where any dispute arises as to– (a) whether any compensation is payable under section 43 (2) or (3); (b) the amount of any such compensation; or 58 (c) the person to whom such compensation is payable, the dispute shall be referred for determination by a fit and proper person as arbitrator to be agreed upon by the parties, or failing such agreement by the parties, by arbitration in accordance with the provisions of the Arbitration Act, Provided that where an interest in land is acquired under the Land Acquisition (Promoters) Act, any dispute referred to in this section shall be determined under that Act as may be appropriate, and in every such case, Government’s nominee on the Board of Assessment shall be approved by the licensee.