TMI BlogSubstitution of section 52A.X X X X Extracts X X X X X X X X Extracts X X X X ..... .(1) Notwithstanding anything contained in section 49, if the contravention or default of the nature referred to in the said section is committed by a housing finance institution which is a company, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such company- (a) a penalty not exceeding five thousand rupees; or (b) where the contravention or def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tunity of being heard shall also be given to such housing finance institution. (3) Any penalty imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section shall be payable within a period of thirty days from the date on which notice issued by the National Housing Bank or the Reserve Bank, as the case may be, demanding payment of the sum is served on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame manner as if it were a decree made by the court in a civil suit. (5) No complaint shall be filed against any housing finance institution which is a company in any court of law pertaining to any contravention or default in respect of which any penalty has been imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section. (6) Where any compla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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