2020 (9) TMI 1283

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....edit Information Companies (Regulation) Act 2005, (hereinafter referred to as the "Act"), issued certain information in public domain, which according to the respondents/borrowers Mr. P.C. Baskar and others, are prejudicial to their interest and therefore, the respondents viz., Mr. P.C. Baskar and others have approached the learned Single Judge of this Court apparently under Section 9 of the Arbitration and Conciliation Act, 1996. Though the said provision is not referred in the order impugned before us, by the impugned order dated 31.1.2019, the learned Single Judge, while dealing with A. No. 6310 of 2018 (P.C. Baskar and 2 others vs. Trans Union CIBIL Limited) has granted an ad-interim injunction on 29.08.2018 restraining the respondent t....

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....nsel appearing for the respondents urged that since the information put in the public domain against the respondents are prejudicial to the interest of the respondents and the same was disseminated without notice to the respondents, the respondents were entitled to invoke the provisions of Section 9 of the Arbitration and Conciliation Act, 1996 in view of the provisions under Section 21 of the said Act and Section 9 of the Arbitration and Conciliation Act. 5. We have heard the learned counsels appearing on either side. 6. The provisions of the two enactments relevant for our purpose are quoted below for ready reference. "Section 21 of the Credit Information Companies (Regulation) Act 2005: 21. Alteration of credit in....

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....pute relating to such correction, deletion or addition is pending before any arbitrator or tribunal or court and in cases where such dispute is pending, the entries in the books of th e concerned credit institution shall be taken into account for the purpose of credit information. Section 9 of Arbitration and Conciliation Act, 1996 read as follows; Interim measures, etc., by Court.-- [(1)] A party may, before or during arbitral proceedings or at any time after the making of the arbitral award but before it is enforced in accordance with section 36, apply to a court-- (i) for the appointment of a guardian for a minor or person of unsound mind for the purposes of arbitral proceedings; or (ii) for an interim measure ....

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....can approach the Reserve Bank of India, for such grievance. Therefore, the remedial measures to be undertaken by the aggrieved parties have a necessary recourse to the provisions of the Arbitration and Conciliation Act, 1996. Section 9 of the said Act, as quoted above, provides for interim relief to the aggrieved party before or during the course of arbitral proceedings. In the present case, it seems that the dispute as of now, does not stand referred to any Arbitrator appointed by the Reserve Bank of India. 8 . Further, we do not find any discussion by the learned Single Judge on the two submissions aforesaid made by the appellant institution namely (i) maintainability of the application under Section 9 of Arbitration and Conciliation A....