Section 45IB(4)(a) in The Reserve Bank of India Act, 1934

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Union of India - Subsection

Section 45IB(4)(a) in The Reserve Bank of India Act, 1934

(a)The penal interest payable under sub-section (3) shall be payable within a period of fourteen days from the date on which a notice issued by the Bank demanding payment of the same is served on the non-banking financial company and, in the event of a failure of the non-banking financial company to pay the same within such period, penalty may be levied by a direction of the principal civil court having jurisdiction in the area where an office of the defaulting non-banking financial company is situated and such direction shall be made only upon an application made in this behalf to the court by the Bank; and

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Union of India - Subsection

Section 45IB(4)(a) in The Reserve Bank of India Act, 1934