(1) Where an employer fails to pay the amount due in respect of any contribution or any other amount payable under this Act, the Corporation may recover [from the employer by way of penalty such damages not exceeding the amount of arrears as may be specified in the regulations] :
Provided further that the Corporation may reduce or waive the damages recoverable under this section in relation to an establishment which is a sick industrial company in respect of which a scheme for rehabilitation has been sanctioned by the Board for Industrial and Financial Reconstruction established under Section 4 of the Sick Industrial Companies (Special Provisions) Act, 1985 ( 1 of 1986), subject to such terms and conditions as may be specified in regulations.]
(2) Any damages recoverable under sub-section (1) may be recovered as an arrear of land revenue [or under Section 45-C to Section 45-I].
