Regulatory penalty powers for housing finance companies permit imposition of fines and civil enforcement if penalties remain unpaid. The substituted section authorises the National Housing Bank or the Reserve Bank to impose specified monetary penalties on housing finance companies for contraventions under section 49, requires service of a show cause notice and an opportunity of being heard, mandates payment within thirty days of the demand notice, permits recovery by the principal civil court and issuance of a certificate enforceable as a decree, and bars filing of court complaints in respect of contraventions for which a penalty has been imposed.
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.
Regulatory penalty powers for housing finance companies permit imposition of fines and civil enforcement if penalties remain unpaid.
The substituted section authorises the National Housing Bank or the Reserve Bank to impose specified monetary penalties on housing finance companies for contraventions under section 49, requires service of a show cause notice and an opportunity of being heard, mandates payment within thirty days of the demand notice, permits recovery by the principal civil court and issuance of a certificate enforceable as a decree, and bars filing of court complaints in respect of contraventions for which a penalty has been imposed.
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