In any suit or proceeding instituted under this Act it shall be lawful for the Court before which such suit or proceeding is pending to order any matter in difference in such suit to be referred for decision to one or more arbitrators. Act 10 of 1940 applied.—Whenever any such order shall be made, the provisions of 1[Chapter IV of the Arbitration Act, 1940 (10 of 1940)] shall in all respects apply to such order and arbitration, in the same manner as if such order had been made on the application of the parties under 2[section 21 of the said Act].