CHAPTER V OFFENCES AND PENALTIES
If a default is made-
(a) in filing under section 23, the particulars of every transaction of any securitisation or asset reconstruction or security interest created by a 1[asset reconstruction company] or secured creditors; or
(b) in sending under section 24, the particulars of the modification referred to in that section; or
(c) in giving intimation under section 25, every company and every officer of the company or the secured creditors and every officer of the secured creditor who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues:
2[Provided that provisions of this section shall be deemed to have been omitted from the date of coming into force of the provisions of this Chapter and section 23 as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016)]
Section 28. [Penalties for non-compliance of direction of Reserve Bank.] Omitted by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016) s. 20 (w.e.f. 1-9-2016).
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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. Ins. by s. 19, ibid. (w.e.f.1-9-2016)
Section 29 Offences, Section 30 Cognizance of offences
Section 30A Power of adjudicating authority to impose penalty
Section 30B Appeal against penalties, Section 30C Appellate Authority
Section 30D Recovery of penalties
Section 31 Provisions of this Act not to apply in certain cases
Section 31A Power to exempt a class or classes of banks or financial institutions
Section 32 Protection of action taken in good faith
Section 33 Offences by companies
Section Limitation, Section 37 Application of other laws not barred