Section 30B of the SARFAESI Act, 2002 offers a lifeline to those who get stung by the Reserve Bank's penalty hammer under Section 30A. It gives "persons in default," which includes asset reconstruction companies (ARCs) and any individuals who disobeyed the Bank's directives, a chance to fight back.
Think of it as an appeal system against financial punches. If an ARC gets its registration canceled due to unpaid penalties, or anyone else feels unfairly penalized, they can take their case to the "Appellate Authority. This entity, appointed using the Reserve financial institution, acts as an impartial choice, reviewing the bank's decision and probably supplying a different verdict.
In essence, Section 30B acts as a balancing force, empowering those caught in the penalty web to seek recourse while reminding the Reserve Bank that its financial punches, although powerful, can be challenged on fairgrounds
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