https://www.taxtmi.com/acts?id=31769 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. en-us Sat, 20 Jan 2018 12:03:39 +0530 Tue, 26 May 2026 12:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31769 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. Act-Rules IBC Sat, 20 Jan 2018 12:03:39 +0530 https://www.taxtmi.com/acts?id=31769