2011 (5) TMI 1139

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion dated July 20, 2010 (at page 59) under section 18 of the Credit Information 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 withi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... meaning of article 12. It is just a private company not amenable to article 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 Bur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd for which no remedy has been provided under this Act, such disputes shall be settled 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 disp....