Section 220(3) in Insolvency And Bankruptcy Code, 2016
(3)Where any insolvency professional agency or insolvency professional or an information utility has contravened any provision of this Code or rules or regulations made thereunder, the disciplinary committee may impose penalty which shall be-(i)three times the amount of the loss caused, or likely to have been caused, to persons concerned on account of such contravention; or(ii)three times the amount of the unlawful gain made on account of such contravention, whichever is higher:Provided that where such loss or unlawful gain is not quantifiable, the total amount of the penalty imposed shall not exceed more than one crore rupees.
