Arbitration and Conciliation Act, 1996 - s. 48 - Dispute resolution by two-tier arbitration system - Validity of - Parties entered into a contract containing arbitration clause - Subsequently dispute between the parties - Appellant company invoked arbitration clause - Appointment of arbitrator by Indian Council of Arbitration, who gave NIL award - Thereafter, invocation of second part of the arbitration clause by the appellant company - Award passed by arbitrator in London in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce - Application u!s. 48 by the appellant company seeking enforcement of the said award - Validity of two tier arbitration - Held: Resolving of disputes by two tier arbitration system was valid under the Indian law and not contrary to the public policy - Arbitration clause in the agreement between the parties does not violate the fundamental or public policy of India by the parties agreeing to a second instance arbitration - Parties to an arbitration agreement have the autonomy to decide not only on the procedural law to be followed but also the substantive law.