Administrative penalty power for housing finance companies: regulator may impose and civil courts may enforce penalties after notice and hearing. Regulatory authority may impose administrative penalties on housing finance companies for contraventions under section 49, including higher and continuing-default penalties for specified breaches. Penalty imposition requires a show-cause notice and hearing; amounts demanded must be paid within thirty days or may be levied after an authorised officer applies to the principal civil court, which issues an enforceable certificate treated as a civil decree. The statute bars court complaints concerning contraventions where a penalty has been imposed and precludes penalty proceedings under the section if a court complaint is already pending.
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.
Administrative penalty power for housing finance companies: regulator may impose and civil courts may enforce penalties after notice and hearing.
Regulatory authority may impose administrative penalties on housing finance companies for contraventions under section 49, including higher and continuing-default penalties for specified breaches. Penalty imposition requires a show-cause notice and hearing; amounts demanded must be paid within thirty days or may be levied after an authorised officer applies to the principal civil court, which issues an enforceable certificate treated as a civil decree. The statute bars court complaints concerning contraventions where a penalty has been imposed and precludes penalty proceedings under the section if a court complaint is already pending.
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