The Insolvency and Bankruptcy Code, 2016

PART II Insolvency Resolution and Liquidation for Corporate Persons

CHAPTER VII Offences and Penalties

Section 75: 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 it to be false or omits any material fact, knowing it to be material, such person shall be punishable with fine which shall not be less than one lakh rupees, but may extend to one crore rupees.

Notifications & Circulars

*This shall come into force w.e.f. from 01.12.2016.

Related posts:

Section 30: Submission of resolution plan
Section 218: Investigation of insolvency professional agency or its member or information utility
Section 115: Effect of order of Adjudicating Authority on repayment plan