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of <h1>High Court directs RBI to decide on application within 4 weeks under Credit Info Act</h1> <h3>Sunil Agarwal Versus LIC Housing Finance Ltd. and Ors.</h3> The High Court directed the Reserve Bank of India to decide on the petitioner's application within four weeks, treating it as a reference u/s 18(1) of the ... - Issues involved: Allegation of non-settlement of disputes u/s 18 of the Credit Information Companies (Regulation) Act, 2005.Judgment Summary:Issue 1: Allegation of non-settlement of disputes u/s 18 of the Credit Information Companies (Regulation) Act, 2005.The petitioner alleged that the respondents failed to settle disputes based on his application u/s 18 of the Act. The petitioner, a director of a company, was shown as a guarantor for a loan default by an employee. The petitioner sought settlement through arbitration by the Reserve Bank of India.Issue 2: Obligations of Credit Information Bureau (India) Ltd. under the Act.The petitioner argued that the Credit Information Bureau (India) Ltd. is obligated to record accurate information as a credit information company regulated by the Act.Issue 3: Failure of Reserve Bank of India to appoint an arbitrator.The petitioner contended that the Reserve Bank of India failed to appoint an arbitrator as required by the Act, leading to the non-resolution of disputes between the petitioner and the Credit Information Bureau (India) Ltd.Issue 4: Status of entities under the Act.LIC Housing Finance Ltd. was identified as a credit institution under the Act, required to be a member of a credit information company. Credit Information Bureau (India) Ltd. was recognized as a credit information company registered under the Act.Issue 5: Dispute resolution mechanism u/s 18 of the Act.The Act provides for arbitration to settle disputes among credit information companies, credit institutions, borrowers, and clients. The Reserve Bank of India is mandated to appoint an arbitrator for such disputes.Separate Judgment:The High Court directed the Reserve Bank of India to decide on the petitioner's application within four weeks, treating it as a reference u/s 18(1) of the Act. The decision was to be communicated to all concerned parties, thereby disposing of the petition.This summary provides a detailed overview of the judgment, addressing each issue involved in the legal dispute.
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