Penalty framework for contravention under insolvency law allows daily fines, higher loss-based or gain-based penalties, and limited reductions. A substituted penalty provision empowers the Adjudicating Authority to impose monetary penalties for contravention of the Code, rules, or regulations on application by the Board, the Central Government, or an authorised person. The penalty is at least one lakh rupees for each day of continuing contravention and may extend to three times the loss caused or likely to be caused, or three times the unlawful gain made, whichever is higher. Where loss or unlawful gain is unquantifiable, the penalty is capped at five crore rupees. The provision also contains a reduced-penalty exception and transitional saving clauses.