Section 18(2) in The Credit Information Companies (Regulation) Act, 2005
(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.
