Offences and Penalties under Insolvency and Bankruptcy Code, 2016 (Chapter VII, IBC 2016)

Categories of Offences 1. Offences committed by Corporate Debtor or the Officers(s) of Corporate Debtors Section Particulars of Offence Penalties Section 68 Where a Corporate Debtor within the twelve months immediately preceding the insolvency commencement date: Willfully concealed any property or any debt, fraudulently removed any part of the property, of the value of ten … Read more

Dayawati v. Yogesh Kumar Jain [243 (2017) DLT 117]

Brief Facts In 2014, the Appellant supplied certain fire-fighting goods and equipment to the Respondent. The Respondent issued two cheques of INR 11,00,000/- (Rupees Eleven Lakhs Only) and INR 16,00,000/- (Rupees Sixteen Lakhs Only), in favor of Appellant. Subsequently, the Appellant presented the cheques to the Respondent’s bank; both the cheques were dishonoured on the … Read more

Rakesh Kumar Paul v. State of Assam [AIR 2017 SC 3948]

Brief Facts of the Case Date Particular of Events 27.10.2016 First Information Report (FIR) filed against the Petitioner under provisions of Prevention of Corruption Act, 1988 (PC Act) and Indian Penal Code, 1860. 05.11.2016 Petitioner was taken into custody pending further investigation. 20.12.2016 Petitioner applied for bail before the Special Judge but the application was … Read more

Insolvency and Bankruptcy Code (Amendment) Act, 2020

The Insolvency and Bankruptcy Code (Amendment) Act, 2020 brought in some changes with respect to the following provisions as stated in the principal Act. These are as follows: 1. Insolvency Commencement Date Earlier, the insolvency commencement date was commenced from the date when the Insolvency Resolution Professional (IRP) was appointed by the adjudicating authority. However, … Read more

Financial and Operational Creditors under IBC

Financial Creditor A financial creditor is defined under Section 5(7) of the IBC to mean “a person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred”. In order to ascertain whether a person is a financial creditor, the debt owed to such a … Read more