TMI Blog2011 (5) TMI 1139X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Companies (Regulation) Act, 2005, the respondents have not taken steps for settlement of the disputes. The petitioner was a director of one Siddharta Carriers P. Ltd., of which one Sudip Sen was an employee. Showing the petitioner as a guarantor Sudip borrowed money from LIC Housing Finance Ltd., that, on Sudip's default on the loan, supplied information to one Credit Information Bureau (India) Ltd., which recorded information showing the petitioner as a defaulter. Noticing the information, the petitioner submitted section 18 application. 2. Mr. Sengupta appearing for the petitioner has submitted that Credit Information Bureau (India) Ltd., a State within the meaning of article 12, for its activities are regulated by the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 226 jurisdiction of the High Courts. 7. Being a credit institution within the meaning of the Credit Information Companies (Regulation) Act, 2005, LIC Housing Finance Ltd., was required to be a member of a credit information company; this is a requirement of section 15 of the Act. Accordingly, it became a member of the Credit Information Bureau (India) Ltd. 8. In view of the provisions of section 17 of the Act, as a credit institution LIC Housing Finance Ltd., was required to provide credit information to Credit Information Bureau (India) Ltd. Accordingly, it provided credit information that included the information concerning Sudip, and Credit Information Bureau (India) Ltd., has stored information showing the petitioner as a defaul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ettled by conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996 (26 of 1996), as if the parties to the dispute have consented in writing for determination of such dispute by conciliation or arbitration and provisions of that Act shall apply accordingly. 13. Sub-section (2) of section 18 of the Act provides as follows (page 23 of [2005] 126 Comp Cas (St.)) : (2) Where a dispute has been referred to arbitration under subsection (1), the same shall be settled or decided,-- (a) by the arbitrator to the appointed by the Reserve Bank; (b) within three months of making a reference by the parties to the dispute : Provided that the arbitrator may, after recording the reasons therefor, extend the said pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner has some other remedy under the Credit Information Companies (Regulation) Act, 2005. 17. It is to be noted that counsel for LIC Housing Finance Ltd., Credit Information Bureau (India) Ltd., and the Reserve Bank of India have not argued that the petitioner's section 18(1) application referring the dispute between him and Credit Information Bureau (India) Ltd., was not entertainable by the Reserve Bank of India. On the contrary, counsel for the Reserve Bank of India has submitted that the bank will need at least four weeks for taking a decision in terms of section 18(2) of the Act. For these reasons, I dispose of the petition ordering as follows. Within four weeks from the date of communication of this order the Reserve Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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