Adjudicating Authority penalties under insolvency law apply for contravention, with enhanced daily fines and capped maximums. Penalties may be imposed by the Adjudicating Authority for contravention of the Insolvency and Bankruptcy Code, its rules, or regulations, on an application by the Board, the Central Government, or an authorised person. The penalty is ordinarily not less than one lakh rupees for each day the contravention continues, subject to the higher of three times the loss caused or likely to be caused, or three times the unlawful gain. If loss or gain is not quantifiable, the penalty cannot exceed five crore rupees, and a lesser daily penalty may be imposed for sufficient cause recorded in writing.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Adjudicating Authority penalties under insolvency law apply for contravention, with enhanced daily fines and capped maximums.
Penalties may be imposed by the Adjudicating Authority for contravention of the Insolvency and Bankruptcy Code, its rules, or regulations, on an application by the Board, the Central Government, or an authorised person. The penalty is ordinarily not less than one lakh rupees for each day the contravention continues, subject to the higher of three times the loss caused or likely to be caused, or three times the unlawful gain. If loss or gain is not quantifiable, the penalty cannot exceed five crore rupees, and a lesser daily penalty may be imposed for sufficient cause recorded in writing.
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