By Rohit Chipper

AIR 17 CA Final
air 18 ca inter
Page 1
CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

NOTE FROM AUTHOR

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mat and reverify the ones which are given in this sheet.
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Page 2
CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Competition Act, 2002

TIme Limit

Event Period
Notice of entering into combinations 30 days
Minimum date of combination after notice (combination will be effective 210 days
after minimum)
Disposal of appeals by appellate Tribunal 6 months
Appeal to supreme court 60 days
Restriction on employment 2 years
Reference by statutory authority 60 days
Reference by commission 60 days
Section 33 - Final order to be passed by the commission within 90 days from
date of interim
order

Form

Form Reference
Similar goods = combined mkt share = <15%
I
Non-similar goods =<25% market share
II > above limits
III Details of acquisition by PFI/FII/bank/VCF
IV Publish Details of Combination

Penalties

Section Default Amount Imprisonment

Order of CCL Imprisonment
- Section 27 (Order of CCI) upto 3Yrs.
- Section 28 (Division Dominant position)
- Section 31 (CCI order on Combination) Fine upto 25Cr.
as decided by
42 - Section 32 (Act outside India) 1Lakh/- Day to Max. 10 Cr. CMM (Chief
- Section 33 (Interim Order)
Metropolitan
- Section 42a (Application to AT for Magistrate,
recovery of compensation) Delhi)
- Section 43A (Non-furnishing of
Information on combination)
43 Fail to comply with Direction given by CCI 1Lakh/- Day to Max. 1 Cr. -
&DG
43A Fail to give notice u/s 6(2) i.e combination 1% of Total T/O or Asset -
whichever is Higher.
44 False statement or omission (combination) 50Lakh upto 1Cr. -
45 False statement or omission or wilful alter upto 1Cr. -
or suppression

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Real Estate (Regulation & Development) Act, 2016

TIme Limit

Event
Project Registration limit to RERA
Registration cancels
Association of allottee make
Government Registered conveyance
deed
Limit
30 Days
(if crossed = deemed reg & in 7 Days = Reg num & ID / PW)
Give 30 Days’ notice time
3 months of major plots booked
3 m of Occupancy Certificate

Transfer common area to association 30 days of Completion Certificate

Possession by allottee 2 m of Occupancy Certificate

RERA decision
Rectify of RERA order
Extension of Registration
Time to Adjudicating officer
Appeal within 60 days + dispose within 60 days
2 yrs.
Force majeure – No limit for extension
Other case – Max. 1 year (provided no default by promoter)
60 Days

Penalties

Section Authority Party Reason Amount Or Or

Imprisonment Both
59 (1) RERA Promoter Non-Registration of Upto 10% of - -
project. estimated
(Section 3 Violation) cost
of Project
59 (2) RERA Promoter Continuous violation further fine upto Upto 3 years Both
of Section 3 or non- 10% of estimated
compliance of cost of Project
Section 59(1)
Providing False Upto 5% of
Information/Contrav estimated cost of
60 RERA Promoter ention of Section 4 Project - -
(Application for
Registration)
61 RERA Promoter Contravention of Upto 5% of - -
provision other than estimated cost of
section 3/4 Project
Rs. 10,000/day
during which
Contravention of default
62 RERA Agent section 9 or section continuous, Max - -
10 upto 5% of cost of
respective
Plot/Apartment.

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra
63 RERA Promoter Fails to comply with Penalty for every - -
order/direction of day, cumulatively
the authority (RERA) upto 5% of cost of
project
64 REAT Promoter Fails to comply with Penalty for every Upto 3 years Both
order/direction of day, cumulatively
the authority (REAT) upto 10% of cost
of project
Fails to comply with Penalty for every
order/direction of day,
65 RERA Agent the authority (RERA) Cumulatively - -
upto 5% of cost of
Plot/Apartment
Fails to comply with Penalty for every
order/direction of day, Cumulatively
66 REAT Agent the authority (REAT) upto 10% of cost Upto 1 year Both
of
Apartment/Plot
Fails to comply with Penalty for every
order/direction of day,
67 RERA Allottee the authority (RERA) Cumulatively - -
upto 5% of cost of
Plot/Apartment
Fails to comply with Penalty for every
order/direction of day,
the authority (REAT) Cumulatively
68 REAT Allottee Upto 1 year Both
upto 10% of cost
of
Apartment/Plot
69 RERA/ Company Lifting of Corporate Veil. Person behind such contravention shall be
REAT & punished accordingly.
Person in
Charge

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Insolvency and Bankruptcy Code, 2016

TIme Limit

Initiation of corporate insolvency resolution

process by financial creditor
Notice to rectify defect in application 7 Days
Communication of Order to FC / CD 7 Days
Admission / rejection of application 14 Days

Initiation of corporate insolvency resolution

process by Operational creditor
Reply to demand notice by corporate debtor 10 Days
Filing of application by OC, if no reply 10 Days
Order of an AA = Accept or reject application 14 Days
Notice to rectify defect in application 7 Days

Initiation of corporate insolvency resolution

process by corporate applicant
Admission / rejection of application 14 Days
Notice to rectify defect in application 7 Days
Public Announcement 3 Days
Appointment of IRP 14 Days
No IRP name =AA reference to Board 10 Days
Replacement of RP 7 Days
First Meeting of CoC 7 Days
CoC constituted within 30 Days from date 30 Days
of IRP appointment
meeting of CoC shall be called by giving not less than Five Days’ notice in writing
to every participant, 5 Days.
(May be reduce upto 24 Hrs & 48 Hrs in case of Authorised Representative)
Necessary Approval for plan after AA (Approval from which 1 year
authority is not mentioned)
To replace RP, IBBI shall propose name of another insolvency
10 Days
professional along with written consent

Fast track
CIRP 90 Days
Extension 45 Days

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

Liquidation
Collection of claims by Liquidator 30 Days
Verify of claims by Liquidator 30 Days
Alteration in claim 14 Days
Appeal against decision of Liquidator 14 Days
Liquidator shall communicate his decision of admission or rejection of
claims in 7 Days & in 2 Days report to AA, 7 Days
before 90th day = sb can submit
Distribute sales proceeds of Property 90 Days
Finish Liquidation (can ask extension) (where the sale is attempted 1 year
under sub-regulation (1) of regulation 32A, the liquidation process
may take an additional period up to 90 days)
Submission of order copy to authority with which company is
7 Days
registered
Liquidator shall liquidate corporate debtor 2 years
Voluntary liquidation proceedings 4 weeks
Notification to RoC and IBBI about Liquidation 7 Days

Forward copy of order of Voluntary 14 Days

liquidation
Acknowledge IP agency application 7 Days
Grant of certificate of registration (for Insolvency Professiona Agency) 15 Days
Registration of information utility 7 Days
Disciplinary Committee shall dispose of show-cause notice within 35 Days
A period of 35 Days of issue of show- cause notice.

Form

Form Details
Form A Public Announcements
Form AA Consent to act as Resolution Professional
Form AB Consent to act as an authorized representative
Form B Proof of claim = Op cr
Form C Submission of a claim by the financial creditor
Form CA Submission of a claim by the financial creditor in a class
Form D Proof of claim by workman or employee
Form E Proof of claim by workman or employee by an authorized
representative
Form F Submission of a claim by creditors
Form FA Application for withdrawal of CIRP
Form G Invitation for expression of interest
Form H Compliance certificate
Form 1 Application by financial creditor to initiate CIRP
Form 2 Written communication by proposed IRP
Form 3 Form of Demand Notice demanding payment under IBC code, 2016
Form 4 Form of Notice with which Invoice demanding payments to be attached
Form 5 Application of Operational Creditor to initiate CIRP
Form 6 Application by Corporate Applicant to start CIRP
In Blue are important rest are for info.

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Prevention of Money Laundering Act, 2002

Penalties

SECTION Default Amount Imprisonment

4 Punishable of offense u/s 3 Fine 3Yrs.-7Yrs.
- If it is under Narcotic Drugs & Psychotropic charged May extend to
Substance 10Yrs.
63 Any person bound to state truth on matter u/s 3 but From 500 upto 10,000 per
refuses to answer default
Refuse to sign any statement in any
Proceeding
62 Any OFFICER without any reason Do Vexatious Or/ Both
Searches any place or arrest any person 50,000 upto 2Yrs.

Appeal to appellate tribunal •45 days + suitable day (Shall be disposed within 6 months)
dispose within
•(60 days + 60 days)
Appeal to high court •Question of law or fact

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Foreign Exchange Management Act, 1999

Penal琀椀es

Section Default Amount Imprisonment

Contravention of Direction Failure <= 10,000
11 to file Return (Continue 2,000/- Day) -
as per RBI
13 Default in provision, direction. Quantifiable = 3 Times sum -
involved
Not Quantifiable = upto 2
Lakhs
Continuing = 5,000/- Day
13(1a) Forex, Foreign Security or 3 Times sum involved upto 5Yrs.
& (1c) Immovable Property Exceeding the Confiscation of asset in India (Exceed 37A
limit prescribed of equal value of threshold)
contravention

14 If fails to Pay penalty -> Civil Imprison

If demand 1Cr. -> Upto 3Yrs.
Other case -> Upto 6 Months

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CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

Prohibition of Benami Property Transactions Act, 1988

TIme Limit

BENAMI
Return BoA after proceedings over 30 Days
Administration order to surrender property 7 Days
Statement by IT authority to Benami Authority Within 15 Days of month-end of Stat Received
Retain BoA (Books of accounts) 3 months
A.T Rectification of Mistake 1 yr from end of month
Time for Special court for order 6 months

Form

BENAMI

Form I Form of register for Cash, security, bullion, jewellery details

Form II For Properties Other than above
Form III Appellate Tribunal

Penalties

Section Default Party Amount Imprison

46(1) Appeal to AT - 10,000 -

46(1A) - 2,000 -
53 Penalty for Benami Transactions - Beneficial Owner, 25% of 1Yr-7Yr
Liable u/s 3 Benamidar, FMV of
Any person enters Benami Property
(prior Approval of CBDT)

54 Providing False - 10% of 6Mnths-5Yrs.

Information/Document - To FMV of
Authority, Any Proceeding Property
54A Failure to comply with Notice (U/s - Rs.25,000/- -
19(1)) or Furnish Information (U/s each failure
21)

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 CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

The Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act, 2002

Time Limit

Event Limit
ARC aggrieved by the order of cancellation of Registration, May
30 Days order comm.
Appeal
Creditors give notice to borrower discharge liabilities or take
Discharge within 60 Days
possession of assets
Aggrieved by measure of secured creditors make application to
Within 45 Days of measure
DRT
Aggrieved by order of DRT, apply to DRAT Within 30 Days of order
NPA is when interest or principal instalment remain overdue more than 90 Days
If Representation of borrower not tenable to Secured creditor comm. Within 15 Days
Enforcement of Security Interest if borrower fails take possession
or Unable to discharge in 60 Days
mgt.
AO to borrower for sale of secured assets 30 Days’ notice
If sale fails, then sale conducted again notice period 15 Days
Surplus paid to purchaser 15 days of finalisation of sale
section 13(2) payment of defaulted financial assistant 60 Days’ notice
Section 14 CMM assist SC to take possession of secured assets order 30 Days from application
Further extend to aggregate 60 days
Section 17 Application against measure to recover secured debts
Aggrieved by measure u/s 13(4) of secured creditor, 45 Days from measure Dealt by DRT
DRT within application under 17(1) Within 60 days of Application
Section 18 Appeals to Appellate Tribunal
Appeal against DRT order to AT Within 45 30 Days
Section 18C validity period of caveat lodge 90 Days
Section 22
Time limit for transaction registration SARFAESI 30 Days of transaction + 30 Days
more in case of Delay
If ranking of security not available 60 Days of application
Section 25 ARC to report satisfaction of security interest If not 30 Days of payment
recorded by Central registrar, show cause within 14 days

Section 30D Recovery of Penalties Within 30 Days of Notice of demand

Section 30A Power of AA, Time limit for penalty within 30 Days
Section 30B Appeal against Penalty within 30 Days
Section 30D Recovery of Penalties Within 30 Days of Notice of
demand
Section- 31A Power to exempt class
Parliament session to exempt class of Bank or FI 30 days period
In case of rekoning, adjourn more than 4 consecutive Days.

Page 11
CA Final Economic Laws – Penalties, Time Limit and Form (Telegram Channel: CA Rohit Chipper)
Credits: Anuj Batra

Form

Form Particulars of
Form I Modification of Security Interest by way of Mortgage by deposits of Title

Modification of Security Interest by way of Immovable Property other than

Modification of Security Interest by way of Hypothecation of P&M, stocks,
Modification of Security Interest in Intangible Assets
Modification of Security Interest in any under construction

Form II Satisfaction of charge for Security Interest

Form III Securitisation or Reconstruction of Financial Assets
Form IV Securitisation or Reconstruction transactions

Penalties

SECTION DEFAULT AMOUNT Imprisonment

27 In filling u/s 23 The particulars of every
transaction
In filling u/s 24 The particulars of
upto Rs. 5,000/-
modification
Day
Intimation u/s 25 Co., Officer, secured
Creditor or Officer of secured
creditor who is in default.
Or / (Both)
29 Contravention of provision, Act or Rule
Fine upto 1Yr.

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