Time Limit, Penalty & Forms Sheet

Economic Laws

Index of Detailed Index

Chapter
CH 1. The Competition Act, 2002
CH 2. The Real Estate (Regulation & Development) Act, 2016
CH 3. The Insolvency and Bankruptcy Code, 2016
CH 4. The Prevention of Money Laundering Act, 2002
CH 5. The Foreign Exchange Management Act, 1999
CH 6. Prohibition of Benami Property Transactions Act, 1988
CH 7. The Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002
(SARFAESI)
CA Khyati Maheshwari Nov 23

CH 1 - The Competition Act, 2002

DAYS LIMIT

Notice of entering into combinations 30 days

Minimum date of combination after notice 210 days
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
Power to issue interim order 90 days

FORM NUMBERS
COMPETITION ACT
Similar goods = combined mkt share = <15%
Form 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 CHART

SECTION DEFAULT AMOUNT Imprisonment

Order of CCL
- Section 27 (Order of CCI)
- Section 28 (Division Dominent Imprisonment upto 3Yrs.,
position) Fine upto 25Cr. as decided
42 - Section 31 (CCI order on Combination) 1Lakh/- by CMM (Chief
- Section 32 (Act outside India) Day to Metropolitan Magistrate,
Maximum Delhi)
- Section 33 (Interim Order)
10cr.
- Section 42a ( Application to AT for
recovery
of compensation)

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

- Section 43A (Non-furnishing of

Information
on combination)
43 Fail to comply with Direction given by 1Lakh/- -
CCI Day to
&DG Maximum
1cr.
43A Fail to give notice u/s 6(2) i.e 1% of -
combination Total T/O
or Asset
whichever
is Higher.
44 False statement or omission 50Lakh -
(combination) upto 1Cr.
45 False statement or omission or wilful upto 1Cr. -
alter or
supression

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

CH 2 - The Real Estate (Regulation & Development) Act,

2016
DAYS LIMIT

Project Registration limit to RERA 30 Days

(if crossed = deemed reg & in 7 Days = Reg
num & ID / PW)
Registration cancel Give 30 Days’ notice time
Extension of registration a) Force majeure - No limit for extension
b) Any other case – max 1 year
(provided nodefault by
promoter)
Association of allottee make 3 months of major plots booked
Government Registered conveyancedeed 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 Appeal within 60 days & dispose within 60 days
Rectify of RERA order 2 yrs.

Time to Adjudicating officer 60 Days

PENALTIES CHART

Or Or
Section Authority Party Reason Amount Imprisonment Both
Non-Registration of Upto 10% of
59 (1) RERA Promoter project. (Section 3 estimated - -
Violation) cost
of Project
Continuous violation of further fine upto
59 (2) RERA Promoter Section 3 or non 10% of Upto 3 years Both
compliance of Section estimated cost
59(1) of Project

Providing False Upto 5% of

60 RERA Promoter Information/Contravention estimated cost - -
of Section 4 (Application of Project
for Registration)

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CA Khyati Maheshwari Nov 23

Contravention of provision Upto 5% of

61 RERA Promoter other than section3/4 estimated cost - -
of Project
Rs. 10000/day
during which
default
62 RERA Agent Contravention of section 9 continuous, Max - -
or section 10 upto 5% of cost
of respective
Plot/Apartment.
Fails to comply with Penalty for
63 RERA Promoter order/direction of the every day, - -
authority (RERA) Cumulatively
upto 5% of cost
of project
Fails to comply with Penalty for
64 REAT Promoter order/direction of the every day, Upto 3 years Both
authority (REAT) Cumulatively
upto 10% of
cost of project
Penalty for
Fails to comply with every day,
65 RERA Agent order/direction of the Cumulatively - -
authority (RERA) upto 5% of cost
of
Plot/Apartment
Penalty for
Fails to comply with every day,
66 REAT Agent order/direction of the Cumulatively Upto 1 year Both
authority (REAT) upto 10% of
cost of
Apartment/Plot
Penalty for
Fails to comply with every day,
67 RERA Allottee order/direction of the Cumulatively - -
authority (RERA) upto 5% of cost
of
Plot/Apartment
Penalty for
Fails to comply with every day,
68 REAT Allottee order/direction of the Cumulatively Upto 1 year Both
authority (REAT) upto 10% of
cost of
Apartment/Plot
RERA/ Company Lifting of Corporate Veil. Person behind such contravention shall be
69 REAT & Person punished accordingly.
in Charge

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

The Insolvency and Bankruptcy Code, 2016

DAYS LIMIT

Initiation of corporate insolvency resolution process by FC

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 5 Days.
notice in writing to every participant,
(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

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CA Khyati Maheshwari Nov 23

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 7 Days
in 7 D & in 2 D report to AA, before 90th day = sb can submit
Distribute sales proceeds of Property 90 Days
Finish Liqui (can ask extension) 1 year
Submission of order copy to authority with which company is registered 7 Days
Liquidator shall liquidate corporate debtor 2 years
Voluntary liquidation proceedings 4 weeks
Notification to RoC and IBBI abt Liquidation 7 Days
Forward copy of order of Voluntary liquidation 14 Days
Acknowledg IP agency application 7 Days
Grant of certificate of registration(for Insolvency Professional Agency) 15 Days
Registration of information utility 7 Days
Disciplinary Committee shall dispose of show-cause notice within 180 Days
A period of 180 Days of issue of show- cause notice. ( but 30 Days should
Day of issue of order)
Fast track
CIRP 90 Days
Extension 45 Days

FORM NUMBERS

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

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CA Khyati Maheshwari Nov 23

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.

% Table that we make Index

 66% - All other cases approval needed from COC

 75% - Fast track extension
 90% Withdrawal of application

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

CH 4 - The Prevention of Money Laundering Act, 2002

PENALTIES CHART
SECTION DEFAULT AMOUNT Imprisonment
Punishable of offense u/s 3 and
4 - If it is under Narcotic Drugs & 3Yrs.-7Yrs.
Psychotropic Substance Fine charged May extend to 10Yrs.
Any OFFICER without any reason Or/ (Both)
62 Do Vexatious Searches any place 50,000 upto 2Yrs.
Or Arrest any person
Or/ (Both)
Give False or failure to give 50,000 upto 2Yrs.
Information
63 Any person bound to state truth on <=500 -10,000/-
matter u/s 3 but refuses to answer Default
Refuse to sign any statement in any
proceeding

Appeal to appellate tribunal dispose within

45 days + x day – 6 months

Appeal to high court - Question of law

(60 days + 60 days) or fact

Offence under PMLA – Cognizable & Non-bailment

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

CH 5 - The Foreign Exchange Management Act, 1999

PENALTIES CHART
SECTION DEFAULT AMOUNT Imprisonment
Contravention of Direction <= 10,000 (continue
11 Failure to file 2,000/- Day) -
ReturnAS PER
RBI
Default in provision, direction . Quantifiable = 3 Times
sum
13 -
involved
Not Quantifiable =
upto 2 Lakhs
Continuing = 5,000/-
Day
Forex , Foreign Security or 3 Times sum involved
Immovable
13(1a) upto 5Yrs.
& (1c) Property Exceeding the limit Confiscation of asset in (exceed 37A
prescribed Indiaof equal value of threshold)
contravention
If fails to Pay penalty - Civil Imprisonment
14 If - - Upto 3Yrs.
demand. - Upto 6
1Cr. Months
Other
case

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

CH 6 - Prohibition of Benami Property Transactions Act,

1988
DAYS LIMIT

Return BoA after proceedings over 30 Days

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

FORM NUMBERS

Form I Form of register for Cash, security, bullion, jewellery details by Admin’r
II For Properties Other than above
III Appellate Tribunal

PENALTIES CHART
SECTION DEFAULT PARTY AMOUNT Imprisonment
46(1) Appeal to AT - 10,000 -
46(1A) - 2,000 -
53 Penalty for Beneficial Owner, 25% of FMV of 1Yr-7Yr
Benami Property
Transactions -
Liable u/s 3
Benamidar
Any person enter
intoBenami
(prior Approval of
CBDT)
54 Providing False - 10% of FMV of 6 Mnths-5Yrs.
Information/Doc Property
ument - To
Authority , Any
Proceeding

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CA Khyati Maheshwari Nov 23

54A Failure to comply - Rs.25,000/- each -

withNotice(U/s failure
19(1)) or
Furnish
Information (U/s
21)

CA Khyati Maheshwari
CA Khyati Maheshwari Nov 23

SARFAESI The Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest
Act, 2002 (SARFAESI)

DAYS LIMIT

ARC aggrieved by the order of cancellation of

30 Days order comm.
Registration, May Appeal
Creditors give notice to borrower discharge
Discharge within 60 Days
liabilities or take possessing of assets

Aggrieved by measure of secured creditors make Within 45 Days of measure

application to DRT

Aggrieved by order of DRT, apply to DRAT Within 30 Days of order

NPA is when interest or principal installment more than 90 Days

remain overdue

If Representation of borrower not tenable to comm. Within 15 Days

Secured creditor
Enforcement of Security Interest if borrower fails
Unable to discharge in 60 Days
take possession or 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 60 Days notice
assistant
Section 14 CMM assist SC to take possession of order 30 Days from application Further
secured assets 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 within
DRT within Application under 17(1) 60 days of application
Section 18 Appeals to Appellate Tribunal
Appeal against DRT order to AT Within 45 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

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CA Khyati Maheshwari Nov 23

Section 25 ARC to report satisfaction of security 30 Days of payment

interest
If not 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 reckoning, adjourn more than 4 consecutive Days.

FORM NUMBERS
Particulars of:
Modification of Security Interest by way of Mortgage by
deposits of Title
Modification of Security Interest by way of Immovable
Property other than
Form I 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
Residential or
Form II Satisfaction of charge for Security Interest
Form III Securitisation or Reconstruction of Financial Assets
Form IV Securitisation or Reconstruction transactions

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

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