—(1) A party to arbitration proceedings may (upon notice to the other parties and to the arbitral tribunal) appeal to the Court on a question of law arising out of an award made in the proceedings.
(2) Notwithstanding subsection (1), the parties may agree to exclude the jurisdiction of the Court under this section and an agreement to dispense with reasons for the arbitral tribunal’s award shall be treated as an agreement to exclude the jurisdiction of the Court under this section.
(3) An appeal shall not be brought under this section except —
with the agreement of all the other parties to the proceedings; or
with the leave of the Court.
(4) The right to appeal under this section shall be subject to the restrictions in section 50.
(5) Leave to appeal shall be given only if the Court is satisfied that —
the determination of the question will substantially affect the rights of one or more of the parties;
the question is one which the arbitral tribunal was asked to determine;
on the basis of the findings of fact in the award —
the decision of the arbitral tribunal on the question is obviously wrong; or
the question is one of general public importance and the decision of the arbitral tribunal is at least open to serious doubt; and
despite the agreement of the parties to resolve the matter by arbitration, it is just and proper in all the circumstances for the Court to determine the question.
(6) An application for leave to appeal under this section shall identify the question of law to be determined and state the grounds on which it is alleged that leave to appeal should be granted.
(7) The leave of the Court shall be required for any appeal from a decision of the Court under this section to grant or refuse leave to appeal.
(8) On an appeal under this section, the Court may by order —
confirm the award;
vary the award;
remit the award to the arbitral tribunal, in whole or in part, for reconsideration in the light of the Court’s determination; or
set aside the award in whole or in part.
(9) The Court shall not exercise its power to set aside an award, in whole or in part, unless it is satisfied that it would be inappropriate to remit the matters in question to the arbitral tribunal for reconsideration.
(10) The decision of the Court on an appeal under this section shall be treated as a judgment of the Court for the purposes of an appeal to the Court of Appeal.
(11) The Court may give leave to appeal against the decision of the Court in subsection (10) only if the question of law before it is one of general importance, or one which for some other special reason should be considered by the Court of Appeal.