law: Factoring Regulation Act, 2011 
  22. Penalties for non
  
  compliance of direction of Reserve Bank.-
  1.     
  
    If
  
  any factor fails to comply with any direction issued by the Reserve Bank under
  
  section 6, the Reserve Bank may impose a penalty which may extend to five lakh
  
  rupees and in the case of a continuing offence, with an additional fine which
  
  may extend to ten thousand rupees for every day during which the default
  
  continues.
  2.     
  
    For
  
  the purpose of adjudging the penalty under sub-section (1), the Reserve Bank
  
  shall serve notice on the factor requiring it to show cause why the amount
  
  specified in the notice should not be imposed and a reasonable opportunity of
  
  being heard shall also be given to such factor.
  3.     
  
    Any
  
  penalty imposed by the Reserve Bank under this section shall be payable within
  
  a period of fourteen days from the date on which notice issued by the Reserve
  
  Bank demanding payment of the sum is served on the factor and in the event of
  
  failure of the factor to pay the sum within such period, may be levied on a
  
  direction made by the principal civil court having jurisdiction in the area
  
  where the registered office of the factor is situated; or, in the case of a
  
  factor incorporated outside India, where its principal place of business in
  
  India is situated:
  Provided that no such
  
  direction shall be made except on an application made to the court by the
  
  Reserve Bank or any officer authorised by Reserve Bank in this behalf.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
    The
  
  court which makes a direction under sub-section (3) shall issue a certificate
  
  specifying the sum payable by the factor and every such certificate shall be
  
  enforceable in the same manner as if it were a decree made by the court in a
  
  civil suit.