Section 21
Penalties.
The Factoring Regulation Act, 2011
About this Act
An Act to provide for and regulate assignment of receivables by making provision for registration there for and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto.
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 punishable with fine which may extend to five thousand rupees for
every day during which the default continues.