Arbitration notice - unpaid credit card dues

I received a notice from a Delhi based lawyer hired by SBI credit card. It is a arbitration invoking notice under section 21 of the arbitration and conciliation act 1996. I haven't paid my credit card dues because of 2 disputed transactions. I don't have any problem paying them for the remaining amount. These credit card companies don't take action against fraudulent merchants who commit otp fraud. Perhaps because they only add to their business. Now they're sending me arbitration notice. What's the worst that can happen now? If necessary I'll go to the court and tell the judge how they overlook fraudulent merchant's activities and enable them by putting their vulnerable customers at risk.