This document outlines offenses and penalties under the Insolvency and Bankruptcy Code of India. It lists various actions that are prohibited during insolvency or bankruptcy proceedings and assigns punishments for individuals or entities that commit those offenses. The punishments typically include fines between Rs. 1-5 lakhs or imprisonment ranging from 6 months to 5 years, depending on the specific offense. The offenses covered include concealment of property, defrauding creditors, falsifying documents, providing false information, contravening moratoriums and resolution plans, and other misconduct during insolvency resolution or bankruptcy proceedings.
This document outlines offenses and penalties under the Insolvency and Bankruptcy Code of India. It lists various actions that are prohibited during insolvency or bankruptcy proceedings and assigns punishments for individuals or entities that commit those offenses. The punishments typically include fines between Rs. 1-5 lakhs or imprisonment ranging from 6 months to 5 years, depending on the specific offense. The offenses covered include concealment of property, defrauding creditors, falsifying documents, providing false information, contravening moratoriums and resolution plans, and other misconduct during insolvency resolution or bankruptcy proceedings.
This document outlines offenses and penalties under the Insolvency and Bankruptcy Code of India. It lists various actions that are prohibited during insolvency or bankruptcy proceedings and assigns punishments for individuals or entities that commit those offenses. The punishments typically include fines between Rs. 1-5 lakhs or imprisonment ranging from 6 months to 5 years, depending on the specific offense. The offenses covered include concealment of property, defrauding creditors, falsifying documents, providing false information, contravening moratoriums and resolution plans, and other misconduct during insolvency resolution or bankruptcy proceedings.
68 Punishment for Any officer of the Imprisonment – 3 to 5 concealment of corporate debtor years; or Property Fine – Rs. 1 lakh to Rs. 1 crore; or Both 69 Punishment for Any officer of the Imprisonment – 1 to 5 transactions corporate debtor or years; or defrauding creditors the Corporate Fine – Rs. 1 lakh to Rs. 1 Debtor crore; or Both 70(1) Punishment for Any officer of the Imprisonment – 3 to 5 misconduct in course corporate debtor years; or of corporate Fine – Rs. 1 lakh to Rs. 1 insolvency resolution crore; or process Both 70(2) Punishment for Insolvency Imprisonment – upto 6 misconduct in course Professional months; or of corporate Fine – Rs. 1 lakh to Rs. 5 insolvency resolution lakhs; or process Both 71 Punishment for Any person Imprisonment – 3 to 5 falsification of books years; or of corporate debtor. Fine - Rs. 1 lakh to Rs. 1 crore; or Both 72 Punishment for Any officer of the Imprisonment – 3 to 5 wilful and material corporate debtor years; or omissions from Fine – Rs. 1 lakh to Rs. 1 statements relating to crore; or affairs of corporate Both debtor. 73 Punishment for false Any officer of the Imprisonment – 3 to 5 representations to corporate debtor years; or creditors. Fine – Rs. 1 lakh to Rs. 1 crore; or Both 74(1) Punishment for Any officer of the Imprisonment – 3 to 5 contravention of Corporate Debtor years; or moratorium or the Fine – Rs. 1 lakh to Rs. 3 resolution plan. lakh; or Both 74(2) Punishment for Any person Imprisonment – 1 to 5 contravention of years. moratorium or the Fine – Rs. 1 lakh to Rs. 1 resolution plan. crore; or Both 74(3) Punishment for Corporate debtor, Imprisonment – 1 to 5 contravention of any officer of the years; or moratorium or the corporate debtor, Fine – Rs. 1 lakh to Rs. 1 resolution plan. creditor or any crore; or person Both 75 Punishment for false Any person Fine – Rs. 1 lakh to Rs. 1 information crore. furnished in application. 76 Punishment for non- Operational Imprisonment – 1 to 5 disclosure of dispute Creditor or any years; or or repayment of debt person Fine – Rs. 1 lakh to Rs. 1 by operational crore; or creditor. Both 77 Punishment for Corporate Debtor or Imprisonment – 3 to 5 providing false any person years; or information in Fine – Rs. 1 lakh to Rs. 1 application made by crore; or corporate debtor. Both Offences and Penalties under Part III of the Code
Section Section Heading Who is Liable? Punishment
184(1) Punishment for false Debtor or Creditor Imprisonment – 1 year; or information, etc., by Fine – Rs. 5 lakh ; or creditor in Both insolvency resolution process. 184(2) Punishment for false Creditor Imprisonment – 2 years; or information, etc., by Fine – Three times the creditor in amount or its equivalent of insolvency resolution such money, property or process. security; upto 5 lakh or Both
185 Punishment for Insolvency Imprisonment – 6 months;
contravention of Professional or provisions. Fine – Rs. 1 lakh to Rs. 5 lakh; or Both 186(a) Punishment for false Bankrupt Imprisonment – 6 months; information, or concealment, etc., by Fine – Rs. 5 lakh; or bankrupt Both 186(b) Punishment for false Bankrupt Imprisonment –1 year; or information, Fine – Rs. 5 lakh; or concealment, etc., by Both bankrupt 186(c) Punishment for false Bankrupt Imprisonment – 6 months; information, or concealment, etc., by Fine – Rs. 5 lakh; or bankrupt Both 186(d) Punishment for false Bankrupt Imprisonment – 6 months; information, or concealment, etc., by Fine – Rs. 5 lakh; or bankrupt Both 186(e) Punishment for false Bankrupt Imprisonment – 2 years; or information, Fine – Three times of the concealment, etc., by value of the loss; or bankrupt Both 186(f) Punishment for false Bankrupt Imprisonment - 1 year; or information, Fine – Rs. 5 lakh; or concealment, etc., by Both bankrupt 187 Punishment for Bankruptcy Trustee Imprisonment – 3 years; or certain actions. Fine – Three times the amount of the loss caused, or likely to have been caused; upto 5 lakh; or Both