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Sec 27, SARFAESI Act 2002: Penalties

Section 27 (Penalties) under Chapter V (Offences and penalties) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

If a default is made—

 (a) in filing under section 23, the particulars of every transaction of any securitisation or asset reconstruction or security interest created by a asset reconstruction company or secured creditors; or

 (b) in sending under section 24, the particulars of the modification referred to in that section; or

 (c) in giving intimation under section 25, every company and every officer of the company or the secured creditors and every officer of the secured creditor who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues:

Provided that provisions of this section shall be deemed to have been omitted from the date of coming into force of the provisions of this Chapter and section 23 as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016).




Extra Notes for Readers

(1) Section 27 of SARFAESI Act, 2002 was modified by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act 44 of 2016), sec. 3 & 19, (w.e.f. 1-Sep-2016).

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