Penalty for contravention under insolvency law allows daily fines, loss-based scaling, and capped penalties where amounts are unquantifiable. Penalty may be imposed by the Adjudicating Authority for contravention of the Insolvency and Bankruptcy Code, or its rules or regulations, on application by the Board, the Central Government, or an authorised person. The penalty must ordinarily be not less than one lakh rupees for each day of continuing contravention, subject to limits based on loss caused or unlawful gain made, whichever is higher. Where such loss or gain is not quantifiable, the total penalty cannot exceed five crore rupees, and a lower daily penalty may be recorded in writing for sufficient cause.