Lawgist11Resolution of disputes
Where any dispute relating to securitisation or reconstruction or nonpayment of any amount due including interest arises amongst any of the parties, namely, the bank, or financial institution, or 1[asset reconstruction companyor] 2[qualified buyer], such dispute shall be settled 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 the provisions of that Act shall apply accordingly.
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1. Subs. by Act 44 of 2016, s. 3, for "securitisation company or reconstruction company" (w.e.f. 1-9-2016).
2. Subs. by s. 3, ibid., for "qualified institutional buyer" (w.e.f. 1-9-2016).
- 3 Registration of asset reconstruction companies
- 4 Cancellation of certificate of registration
- 5 Acquisition of rights or interest in financial assets
- 5A Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
- 6 Notice to obligor and discharge of obligation of such obligor
- 7 Issue of security by raising of receipts or funds by asset reconstruction company
- 8 Exemption from registration of security receipt
- 9 Measures for assets reconstruction
- 10 Other functions of asset reconstruction company
- 11 Resolution of disputes
- 12 Power of Reserve Bank to determine policy and issue directions
- 12A Power of Reserve Bank to call for statements and information
- 12B Power of Reserve Bank to carry out audit and inspection
