Section 30D(5) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(5)Where it is found that statement made by the person under sub-section (4) is false in material particulars, such person shall be personally liable to the Reserve Bank to the extent of his own liability to the person in default on the date of the notice, or to the extent of the recoverable sum payable by the person in default to the Reserve Bank, whichever is less.
