The Credit Information Companies (Regulation) Act, 2005.
CHAPTER II: REGISTRATION OF CREDIT INFORMATION COMPANIES
Section 7: Appeal Against Order Of Reserve Bank
Bare Act
(1) A credit information company aggrieved by the order of rejection of an application for grant of certificate of registration under section 5 or cancellation of certificate of registration under section 6, may prefer an appeal to the Central Government or any other authority or tribunal which may be designated by rules made by the Central Government, within a period of thirty days from the date on which such order of rejection or cancellation, as the case may be, is communicated to the credit information company.
(2) The decision of the Central Government or the authority or tribunal referred to in sub-section (1) where an appeal has been preferred to it under sub-section (1), or of the Reserve Bank where no such appeal has been preferred, shall be final: Provided that before making any order of rejection of an appeal, the applicant company or the credit information company, as the case may be, shall be given a reasonable opportunity of being heard.
Simplified Act
(1) If a company that collects and provides credit information (a credit information company) is unhappy because their application for a certificate to operate was denied under section 5, or their certificate was cancelled under section 6, they can challenge this decision. They have to file an appeal to the Central Government or another specified authority or tribunal within 30 days… Read the complete text with KanoonGPT Pro.
