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Section 72 - Insolvency and Bankruptcy Code Act, 2016
72. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.-
Where an officer of the corporate debtor makes any material and wilful omission in any statement relating to the affairs of the corporate debtor, he shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both.
Related Sections
- Section 26: Application for avoidance of transactions not to affect proceedings
- Section 28: Approval of committee of creditors for certain actions
- Section 50: Extortionate credit transactions
- Section 12: Time-limit for completion of insolvency resolution process
- Section 41: Determination of valuation of claims
Related Acts
* Only for reference.