The Insolvency and Bankruptcy Code, 2016
PART III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
CHAPTER VII Offences and Penalties
Section 185: Punishment for contravention of provisions:
*185. If an insolvency professional deliberately contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may extend to six months, or with fine, which shall not be less than one lakh rupees, but may extend to five lakhs rupees, or with both.
Notifications & Circulars
*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.