{"id":9576,"date":"2020-11-28T18:52:35","date_gmt":"2020-11-28T13:22:35","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=9576"},"modified":"2023-09-09T23:17:04","modified_gmt":"2023-09-09T17:47:04","slug":"limitation-act-ibc-interconnection","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/","title":{"rendered":"Limitation Period under IBC 2016 &#038; SARFAESI Act, 2002"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d5460a3c7d8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d5460a3c7d8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Limitation_Period_under_IBC_2016_SARFAESI_Act_2002\" title=\"Limitation Period under IBC 2016 &amp; SARFAESI Act, 2002\">Limitation Period under IBC 2016 &amp; SARFAESI Act, 2002<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Limitation_Period_under_IBC_2016\" title=\"Limitation Period under IBC 2016\">Limitation Period under IBC 2016<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#C_Shiv_Kumar_Reddy_Vs_Dena_Bank_and_Other_2019\" title=\"(C. Shiv Kumar Reddy Vs. Dena Bank and Other, 2019)\">(C. Shiv Kumar Reddy Vs. Dena Bank and Other, 2019)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Rajendra_Kumar_Tekriwal_vs_BOB_2020\" title=\"(Rajendra Kumar Tekriwal vs. BOB, 2020)\">(Rajendra Kumar Tekriwal vs. BOB, 2020)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#V_Padmakumar_vs_SASF_2020\" title=\"(V. Padmakumar vs. SASF, 2020)\">(V. Padmakumar vs. SASF, 2020)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Applicability_of_Limitation_Act_to_Insolvency_and_Bankruptcy_Code\" title=\"Applicability of Limitation Act to Insolvency and Bankruptcy Code\">Applicability of Limitation Act to Insolvency and Bankruptcy Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#The_notion_of_the_limitation_Act\" title=\"The notion of the limitation Act \u00a0\">The notion of the limitation Act \u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Fundamental_Principlesconcept_of_Limitation_Act\" title=\"Fundamental Principles\/concept of Limitation Act\">Fundamental Principles\/concept of Limitation Act<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#SARFAESI_Securitization_and_Reconstruction_of_Financial_Assets_and_Enforcement_of_Security_Interest_Act_2002\" title=\"SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002\">SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#Suspension_of_Fresh_IBC_for_1_Year_declared_By_FM\" title=\"Suspension of Fresh IBC for 1 Year declared By FM\">Suspension of Fresh IBC for 1 Year declared By FM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/limitation-act-ibc-interconnection\/#IBC_ordinance_2020_after_the_impact_covid-19_covid_period_defaults_cannot_be_triggered_by_cirp\" title=\"IBC ordinance 2020 after the impact covid-19 covid period defaults cannot be triggered by cirp\">IBC ordinance 2020 after the impact covid-19 covid period defaults cannot be triggered by cirp<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><a style=\"font-size: 16px;\" href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/download1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9580\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/download1.jpg\" alt=\"www.carajput.com; IBC\" width=\"969\" height=\"503\" \/><\/a><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"Limitation_Period_under_IBC_2016_SARFAESI_Act_2002\"><\/span><span style=\"color: #000080;\">Limitation Period under IBC 2016 &amp; SARFAESI Act, 2002<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Limitation_Period_under_IBC_2016\"><\/span><span style=\"color: #000080;\">Limitation Period under IBC 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>This application filed by Corporate Debtors to restructure the debt or payment of the interest doesn\u2019t amount to an acknowledgment of debt.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"C_Shiv_Kumar_Reddy_Vs_Dena_Bank_and_Other_2019\"><\/span><span style=\"color: #ff6600;\"><strong>(C. Shiv Kumar Reddy Vs. Dena Bank and Other, 2019)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The minutes of the board meeting of the Corporate Debtors can be considered as an acknowledgment u\/s 18 of the Limitation Act, 1963.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Rupesh Kumar Gupta vs. PNB (NCLAT), 2020)<\/strong><\/span><\/p>\n<ul>\n<li>One time settlement letters, the Corporate Debtors accepted the jural relationship between the Creditor and Debtor than the Financial Creditors, and thus, it is the acknowledgment of debt.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Ashish Kumar vs. Vinod Kumar Pukhraj Ambavat, 2020)<\/strong><\/span><\/p>\n<ul>\n<li>An acknowledgment must be made before the deadline of the limited duration as mentioned under section 18 of the Limitation Act, 1963.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Vivek Jha vs. Daimler Financial Services India, 2020)<\/strong><\/span><\/p>\n<ul>\n<li>The application of the recovery proceeding before the Debts Recovery Tribunals and the eventually decreed claim does not change the default date.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Rajendra_Kumar_Tekriwal_vs_BOB_2020\"><\/span><span style=\"color: #ff6600;\"><strong>(Rajendra Kumar Tekriwal vs. BOB, 2020)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Steps were taken under subsection (2) under Section 13 of the &#8216;SARFAESI Act, 2002&#8217; can&#8217;t be counted for the purpose of exclusion of the limitation period under subsection (2) under Section 14 of the Limitation Act, 1963.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Ishrat Ali vs. Cosmos Cooperative Bank Ltd. 2020)<\/strong><\/span><\/p>\n<ul>\n<li>The default period is extended by the debit confirmation letters assured by the borrower from the CD to the o\/s debt.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Yogesh Kr. Jashwantlal Thakkar vs. IOB, 2020)<\/strong><\/span><\/p>\n<ul>\n<li>Keeping that balance sheet entry would not amount to an acknowledgment of responsibility for the purpose of limitation, the position of law which has long been acknowledged by separate courts and tribunals has been disturbed.<\/li>\n<li>The dissenting view of Hon&#8217;ble Justice AIS Cheema is in line with the established example for the acknowledgment of debt for restriction in respect of balance sheet\/annual return entries as well as in the one-time settlement proposal.<\/li>\n<li>Thus, the\u00a0Reflection\u00a0of the Debt in the BS\/Annual Return of the Corporate Debtors can\u2019t be considered as an acknowledgment under Section 18 of the Limitation Act, 1963.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"V_Padmakumar_vs_SASF_2020\"><\/span><span style=\"color: #ff6600;\"><strong>(V. Padmakumar vs. SASF, 2020)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Steps were taken under subsection (2) under Section 13(2) of the &#8216;<a href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-3-2016\/\">SARFAESI Act<\/a>, 2002&#8242; can\u2019t be counted for the intention of exclusion the restriction period under subsection (2) under Section 14 of the Limitation Act.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Ishrat Ali vs. Cosmos Cooperative Bank Ltd., 2020)<\/strong><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applicability_of_Limitation_Act_to_Insolvency_and_Bankruptcy_Code\"><\/span><span style=\"color: #333399;\"><strong>Applicability of Limitation Act to <a href=\"https:\/\/carajput.com\/services\/ibc-services.php\">Insolvency and Bankruptcy Code<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>&#8220;Purpose of the Code should not have been to grant a new lease of life to debts that are time-barred. It is established law that, since the debt is restricted by time, the right to remedy is time-barred.<\/li>\n<li>The provisions of the Limitation\u00a0Act, 1963 shall, as far as possible, \u00a0apply to proceedings or appeals before the Adjudication Authority, the NCLAT, the DRAT, as the case may be.&#8217;-Section 238A of IBC<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9582\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates-1024x614.jpg\" alt=\"www.carajput.com; IBC\" width=\"972\" height=\"583\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates-1024x614.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates-300x180.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates-768x461.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/B.K.-Educational-Services-P-Ltd.-Vs.-Parag-Gupta-Associates.jpg 1072w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/a><\/p>\n<ul>\n<li><strong>&#8220;The Limitation Act is applicable to applications submitted Under section 7 and section 9 of the IBC Code from the\u00a0<\/strong>inception of the Code\u00a0<strong>and same would be filed within three years from the date of default&#8221; \u2013<\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(Supreme Court in B.K. Educational Services, Jignesh Shah, Gaurav Hargovindbhai Dave, Babulal Vardhaji Gurjar)<\/strong><\/span><\/p>\n<ul>\n<li><strong>An application under section 10 of the insolvency and bankruptcy Code can\u2019t be made applicable as the \u2018Corporate Applicant\u2019 does not clam money buts prays for Initiation of \u2018Corporate Insolvency Resolution Process\u2019 against itself, having defaulted to pay the dues of creditors\u201d \u2013<\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>(NCLAT in B.K. Educational Services vs. Parag Gupta)<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9577\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1-1024x422.png\" alt=\"www.carajput.com; IBC\" width=\"979\" height=\"404\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1-1024x422.png 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1-300x124.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1-768x316.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/11\/1.png 1209w\" sizes=\"(max-width: 979px) 100vw, 979px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_notion_of_the_limitation_Act\"><\/span><span style=\"color: #000080;\"><strong>The notion of the limitation Act \u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Law of limitation is based on the fundamental principle of fixing or prescribing a time limit for barring legal action beyond such duration.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Fundamental_Principlesconcept_of_Limitation_Act\"><\/span><span style=\"color: #000080;\"><strong>Fundamental Principles\/concept of Limitation Act<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>A fresh period of limitation starts to run at every moment of the time period at which the breach of offense continues.<\/li>\n<li>The Limitation Act does\u00a0not extinguish\u00a0a right, hence its only solution to behind the bars<\/li>\n<li>Duration of stay is excluded<\/li>\n<li>Limitation duration to start afresh from the period when the acknowledgment was made,<\/li>\n<li>Any payment\/ interest made towards a legacy, then fresh limitation period begins<\/li>\n<\/ul>\n<p>Although the limitation Act does not extinguish a right would be a time-barred claim filed by the Financial Creditor\/Operational Creditors be allowed during the Corporate Insolvency Resolution Process? If yes, is it not a matter of granting a new lease of life to a time-barred claim?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SARFAESI_Securitization_and_Reconstruction_of_Financial_Assets_and_Enforcement_of_Security_Interest_Act_2002\"><\/span><span style=\"color: #000080;\"><strong>SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"height: 1624px;\" width=\"1058\">\n<tbody>\n<tr>\n<td width=\"53\">S. No.<\/td>\n<td colspan=\"2\" width=\"782\">SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002,<\/td>\n<\/tr>\n<tr>\n<td>1<\/td>\n<td width=\"487\">Narasimham Committee I and II and Andhyarujina Committee<\/td>\n<td width=\"295\">SARFAESI Act, 2002<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td width=\"487\">Applicability<\/td>\n<td width=\"295\">Whole of India<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td width=\"487\">Net owed Funds of ARC<\/td>\n<td width=\"295\">Not less than 2 crores<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td width=\"487\">ARC to make application to RBI for Registration<\/td>\n<td width=\"295\">within 6 months from the commencement<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td width=\"487\">Sponsor<\/td>\n<td width=\"295\">Holding not less than 10% of the paid up capital of the ARC<\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td width=\"487\">Appeal by ARC<\/td>\n<td width=\"295\">30 Days<\/td>\n<\/tr>\n<tr>\n<td>7<\/td>\n<td width=\"487\">In case of Joint Financing<\/td>\n<td width=\"295\">Action only when creditor holding 60% of amount outstanding agrees<\/td>\n<\/tr>\n<tr>\n<td>8<\/td>\n<td width=\"487\">If dues are not fully satisfied from sale of secured assets<\/td>\n<td width=\"295\">Creditor can then proceed against borrower by applying to DRT<\/td>\n<\/tr>\n<tr>\n<td>9<\/td>\n<td width=\"487\">What is the time limit within which Chief Metropolitan Magistrate or District<br \/>\nMagistrate shall pass an order after receipt of the affidavit from the authorised officer<br \/>\nof the secured creditor<\/td>\n<td width=\"295\">Within 30 days of receipt of application and within such further period not exceeding<br \/>\nin aggregate 60 days<\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td width=\"487\">Taking over of the management of business of a borrower by an asset<br \/>\nreconstruction company<\/td>\n<td width=\"295\">Section 9(a)<\/td>\n<\/tr>\n<tr>\n<td>11<\/td>\n<td width=\"487\">Taking over of the management of business of a borrower by a Secured Creditor<\/td>\n<td width=\"295\">Section 13(4)(b)<\/td>\n<\/tr>\n<tr>\n<td>12<\/td>\n<td width=\"487\">Appeal to DRT by person aggrieved by action of creditor<\/td>\n<td width=\"295\">45 Days<\/td>\n<\/tr>\n<tr>\n<td>13<\/td>\n<td width=\"487\">DRT must dispose of the application filed under Section 17<\/td>\n<td width=\"295\">Within 60 days of the application extension of not more than 4 months<\/td>\n<\/tr>\n<tr>\n<td>14<\/td>\n<td width=\"487\">If borrower resides in J&amp;K<\/td>\n<td width=\"295\">Court of District Judge in that State (where borrower resides)<\/td>\n<\/tr>\n<tr>\n<td>15<\/td>\n<td width=\"487\">Appellate Tribunal for borrower in J&amp;K<\/td>\n<td width=\"295\">High Court<\/td>\n<\/tr>\n<tr>\n<td>16<\/td>\n<td width=\"487\">Time limit for validity of Notice of Caveat<\/td>\n<td width=\"295\">90 days from date of lodgment<\/td>\n<\/tr>\n<tr>\n<td>17<\/td>\n<td width=\"487\">CG power delegate power for establishment of Central Registry<\/td>\n<td width=\"295\">RBI<\/td>\n<\/tr>\n<tr>\n<td>18<\/td>\n<td width=\"487\">Central Register shall not record particulars of transactions relating to<\/td>\n<td width=\"295\">Extinguishment of security interest<\/td>\n<\/tr>\n<tr>\n<td>19<\/td>\n<td width=\"487\">Whi is responsible for furnishing information on modification and<br \/>\nsatisfaction of security interest<\/td>\n<td width=\"295\">ARC or Secured Creditor<\/td>\n<\/tr>\n<tr>\n<td>20<\/td>\n<td width=\"487\">\u00a0Central Registrar be intimated regarding satisfaction of security interest<\/td>\n<td width=\"295\">30 days from the date of such payment or satisfaction<\/td>\n<\/tr>\n<tr>\n<td>21<\/td>\n<td width=\"487\">If a person contravenes or abates contravention of any provision of the Act<\/td>\n<td width=\"295\">Imprisonment for a term which may extend to one year or with fine or both<\/td>\n<\/tr>\n<tr>\n<td>22<\/td>\n<td width=\"487\">Time limit within which appeal against penalties can be made<\/td>\n<td width=\"295\">30 days from the date on which such order was passed<\/td>\n<\/tr>\n<tr>\n<td>23<\/td>\n<td width=\"487\">Appeal by ARC for cancellation of Registration Certificate<\/td>\n<td width=\"295\">30 days to Central Government (Ministry of Finance)<\/td>\n<\/tr>\n<tr>\n<td>24<\/td>\n<td width=\"487\">Who can cancel the ARC Registration<\/td>\n<td width=\"295\">RBI<\/td>\n<\/tr>\n<tr>\n<td>25<\/td>\n<td width=\"487\">An Asset Reconstruction company Works as<\/td>\n<td width=\"295\">Agent, manager &amp; Receiver<\/td>\n<\/tr>\n<tr>\n<td>26<\/td>\n<td width=\"487\">CERSAI<\/td>\n<td width=\"295\">Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI)<\/td>\n<\/tr>\n<tr>\n<td>27<\/td>\n<td width=\"487\">Chg in Management or Takeover<\/td>\n<td width=\"295\">If o\/s more than 25 crs<\/td>\n<\/tr>\n<tr>\n<td>28<\/td>\n<td width=\"487\">If any person contravenes or attempts to contravene the provisions of this Act, he shall be punishable<br \/>\nwith&#8211;<\/td>\n<td width=\"295\">Imprisonment which may extend to 1 year and Fine<\/td>\n<\/tr>\n<tr>\n<td>29<\/td>\n<td width=\"487\">Where any ARC or any person fails to comply with any direction issued by the RBI under this Act,<br \/>\npenalty is imposed&#8212;<\/td>\n<td width=\"295\">Not exceeding Rs. 1 crore or twice the amount involved in such failure, whichever is<br \/>\nmore<\/td>\n<\/tr>\n<tr>\n<td>30<\/td>\n<td width=\"487\">penalty imposed under section 30A shall be payable within a period of<\/td>\n<td width=\"295\">30 Days<\/td>\n<\/tr>\n<tr>\n<td>31<\/td>\n<td width=\"487\">If the ARC fails to comply with the directions issued by RBI?<\/td>\n<td width=\"295\">5 lakhs<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"Insolvency &amp; 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