Penalties
Section 21 of the Factoring Regulation Act, 2011 deals with penalties. If a default is made in filing under section 19, the particulars of any transaction of assignment of receivables and realisation of receivables by a factor, such company and every officer of the company who is in default shall be liable to penalty which may extend to five lakh rupees and in the case The Act came into force on 02 Apr 2012.
1[21. Penalties.-- If a default is made in filing under section 19, the particulars of any transaction of assignment of receivables and realisation of receivables by a factor, such company and every officer of the company who is in default shall be liable to penalty which may extend to five lakh rupees and in the case of a continuing offence, with an additional penalty which may extend to ten thousand rupees for every day during which the default continues, to be imposed by the Reserve Bank in accordance with the provisions of subsections (2) to (4) of section 22.]
Section 21, The Factoring Regulation Act, 2011 (Act 12 of 2012).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Made under this section, and citing it
2 instruments name this provision in its title or its text without being made under it.
Questions about Section 21
What does Section 21 of the Factoring Regulation Act deal with?
Section 21 of the Factoring Regulation Act is headed "Penalties". [21. Penalties.-- If a default is made in filing under section 19, the particulars of any transaction of assignment of receivables and realisation of receivables by a factor, such company and every officer of the company who is in default shall be liable to penalty which may extend to five lakh rupe
How do I find court cases under Section 21 of the Factoring Regulation Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Factoring Regulation Act 21, section 21 Factoring Regulation Act, section 21 of the Factoring Regulation Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 21 of the Factoring Regulation Act, and has it changed?
Its own text turns on section 19 (Registration of certain assignments of receivables transactions), section 22 (Penalties for non-compliance of direction of Reserve Bank), so none of them can safely be read on its own. 2 instruments name it without being made under it, most recently Registration_of_Assignment_of_Receivables_(Reserve_Bank)_Regulations-2022 (2022), then Registration of Assignment of Receivables Rules 2012 under Factoring Regulation Act 2011 (2012).
When did Section 21 of the Factoring Regulation Act come into force?
Section 21 of the Factoring Regulation Act, cited as Factoring Regulation Act 21, came into force on 02 Apr 2012, having been enacted on 22 Jan 2012. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Definitions1098 words
- 19. Registration of certain assignments of receivables transactions307 words
- 31. Provisions of this Act not to apply or affect in certain cases298 words
- 22. Penalties for non-compliance of direction of Reserve Bank296 words
- 7. Assignment of receivables247 words
- 25. Offences by factors226 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 19 Oct 2026. This page is not a substitute for legal advice.