A person in default, aggrieved by an order passed under sub-section (4) of section 30A, may, within a period of thirty days from the date on which such order is passed, prefer an appeal to the Appellate Authority:
Provided that the Appellate Authority may entertain an appeal after the expiry of the said period of thirty days, if it is satisfied that there was sufficient cause for not filing it within such period.
(1) The Central Board of Reserve Bank may designate such officer or committee of officers as it deems fit to exercise the power of Appellate Authority.
(2) The Appellate Authority shall have power to pass such order as it deems fit after providing a reasonable opportunity of being heard to the person in default.
(3) The Appellate Authority may, by an order stay the enforcement of the order passed by the adjudicating authority under section 30A, subject to such terms and conditions, as it deems fit.
(4) Where the person in default fails to comply with the terms and conditions imposed by order under sub-section (3) without reasonable cause, the Appellate Authority may dismiss the appeal.
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