Section 28 SARFAESI Act, 2034 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Penalties for non-compliance of direction of Reserve Bank.

Section 28 SARFAESI Act, 2034 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Penalties for non-compliance of direction of Reserve Bank.

Penalties for non-compliance of direction of Reserve Bank.—If any securitisation company or reconstruction company fails to comply with any direction issued by the Reserve Bank 1[under section 12 or section 12A], such company and every officer of the company who is in default, shall be punishable with fine which may extend to five lakh rupees and in the case of a continuing offence, with an additional fine which may extend to ten thousand rupees for every day during which the default continues.—If any securitisation company or reconstruction company fails to comply with any direction issued by the Reserve Bank 1[under section 12 or section 12A], such company and every officer of the company who is in default, shall be punishable with fine which may extend to five lakh rupees and in the case of a continuing offence, with an additional fine which may extend to ten thousand rupees for every day during which the default continues.”

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

  • Criminal Law
  • Banking Law/DRT (Debt Recovery Tribunal)
  • Civil Law
  • Family Disputes
  • Consumer Laws
  • Service Law/Service Matters
  • Company Law/NCLT (National Company Law Tribunal)
  • Motor Accident Claims
  • Property Law

Have a Question about your banking DRT Case? Schedule a Consultation with DRT Advocate.

We offer initial consultations over the telephone and in person at no cost.

Talk to Advocate Anoop Verma directly
tel:+919463742964

Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

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