TaxTMI 
TaxTMI 
2018 (8) TMI 2107
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....to as 'RBI Act', for short. The third respondent is a 'credit information company'; for short, 'CIC'; as defined in Section 2(e) of the Act. Respondents 1 and 2 collectively, is a 'credit institution' as defined in Section 2(f) of the Act. The applicant, having been using a credit card issued by respondents 1 and 2 is the one, who falls within the term 'borrower' under Section 2 of the Act. 3 . Detailing different aspects touching transactions as between him and the credit institution, the applicant pleaded that the third respondent CIC has erroneously and without verification of any details, included false information as furnished by the credit institution, regarding the applicant. Making reference ....
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....ttlement in terms thereof read with the provisions of the A & C Act. 5. The learned counsel for the applicant, making reference to the Judgment of the High Court of Calcutta in Sunil Agarwal vs. LIC Housing Finance Limited [2012] 173 CompCas 476 (Cal), argued that the application is eligible to be allowed in terms of Section 18 of the Act read with Section 11(6) of the A & C Act. Per contra, the learned counsel for the fourth respondent referred to the Judgment of the Division Bench of the High Court of Bombay in DSL Enterprises Private Limited vs. the Chief General Manager, DBOD, Reserve Bank of India (W.P. No. 6409 of 2010) and argued that a dispute between the borrower and the credit institution which does not relate to the business of ....
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....credit and financial standing of the borrowers of the credit institution which is a member of the credit information company; (b) to provide credit information to its specified users or to the specified users of any other credit information company or to any other credit information company being its members; (c) to provide credit scoring to the specified users or specified users of any other credit information company or to other credit information companies being its members; (d) to undertake research project; (e) to undertake any other form of business which the Reserve Bank may, specify by regulations as a form of business in which it is lawful for a credit information company to engage. Clauses (a) to (c) of sub-section ....
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....dit institution providing such information. There upon, it provides such credit information to its specified users. It also provides credit scoring to the specified users. This is the manner in which clauses (a) to (c) of sub-section (1) of Section 14 of the Act regulates the business of the CIC. 9. Thus, the business of credit information, in terms of clauses (a), (b) and (c) of subsection (1) of Section 14 of the Act, depends upon the credit information given to the CIC by the credit institution. It does not relate to any matter which is beyond the purview of that information, which is furnished by the credit institution to the CIC. As a necessary corollary, this would mean that any dispute between the borrower and the credit institution....