law: Credit Information Companies (Regulation) Act, 2005 
  18. Settlement of
  
  dispute.- 
  1.     
  
    Notwithstanding
  
  anything contained in any law for the time being in force, if any dispute
  
  arises amongst, credit information companies, credit institutions, borrowers
  
  and clients on matters relating to business of credit information and 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.
  2.     
  
    Where
  
  a dispute has been referred to arbitration under sub-section (1), the same
  
  shall be settled or decided,- 
  a.     
  
    by
  
  the arbitrator to be 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 period up to a maximum period
  
  of six months:
  Provided further that, in an appropriate case
  
  or cases, the Reserve Bank may, if it considers necessary to do so (reasons to
  
  be recorded in writing), direct the parties to the dispute to appoint an
  
  arbitrator in accordance with the provisions of the Arbitration and Conciliation
  
  Act, 1996 (26 of 1996), for settlement of their dispute in accordance with the
  
  provisions of that Act.
  1.     
  
  
  2.     
  
  
  3.     
  
    Save
  
  as otherwise provided under this Act, the provisions of the Arbitration and
  
  Conciliation Act, 1996 shall apply to all arbitration under this Act as if the
  
  proceedings for arbitration were referred for settlement or decision under the
  
  provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996).