Section 75 of Insolvency and Bankruptcy Code 2016 [ Note : Section 75 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false information furnished in application. 75. Where any person furnishes information in the application made under section 7, which is false in material particulars, knowing… Read More »
Section 74 of Insolvency and Bankruptcy Code 2016 [ Note : Section 74 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for contravention of moratorium or the resolution plan. 74. (1) Where the corporate debtor or any of its officer violates the provisions of section 14, any… Read More »
Section 73 of Insolvency and Bankruptcy Code 2016 [ Note : Section 73 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false representations to creditors. 73. Where any officer of the corporate debtor— (a) on or after the insolvency commencement date, makes a false representation or… Read More »
Section 72 of Insolvency and Bankruptcy Code 2016 [ Note : Section 72 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor. 72. Where an officer of the corporate debtor makes any material and wilful… Read More »
Section 71 of Insolvency and Bankruptcy Code 2016 [ Note : Section 71 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for falsification of books of corporate debtor. 71. On and after the insolvency commencement date, where any person destroys, mutilates, alters or falsifies any books, papers… Read More »
Section 70 of Insolvency and Bankruptcy Code 2016 [ Note : Section 70 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for misconduct in courses of corporate insolvency resolution process. 70. (1) On or after the insolvency commencement date, where an officer of the corporate debtor— (a)… Read More »
Section 69 of Insolvency and Bankruptcy Code 2016 [ Note : Section 69 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for transactions defrauding creditors. 69. On or after the insolvency commencement date, if an officer of the corporate debtor or the corporate debtor— (a) has made… Read More »
Section 68 of Insolvency and Bankruptcy Code 2016 [ Note : Section 68 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. CHAPTER VII OFFENCES AND PENALTIES Punishment for concealment or property. 68. Where any officer of the corporate debtor has,— (i) within the twelve months immediately preceding the… Read More »
Section 67 of Insolvency and Bankruptcy Code 2016 [ Note : Section 67 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Proceedings under section 66. 67. (1) Where the Adjudicating Authority has passed an order under sub-section (1) or sub-section (2) of section 66, as the case may… Read More »
Section 66 of Insolvency and Bankruptcy Code 2016 [ Note : Section 66 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Fraudulent trading or wrongful trading. 66. (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate… Read More »