The Insolvency and Bankruptcy Code, 2016
PART II Insolvency Resolution and Liquidation for Corporate Persons
CHAPTER VII Offences and Penalties
Section 72: 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 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.
Notifications & Circulars
*This shall come into force w.e.f. from 01.12.2016.