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