Categories of Offences
1. Offences committed by Corporate Debtor or the Officers(s) of Corporate Debtors
|Particulars of Offence
|Where a Corporate Debtor within the twelve months immediately preceding the insolvency commencement date:
|Imprisonment: 3 – 5 years
Fine: INR 1 lakh – INR 1 crore
|On or after the insolvency commencement date, Entering into transactions defrauding creditors or removing any part of the property of the corporate debtor within two months before the date of any unsatisfied judgment, decree or order for payment of money obtained against the corporate debtor
|Section 70 (1)
|On or after the insolvency commencement date, does not disclose or deliver all or part of the property or, any books or papers to the resolution professional which he is required to be delivered, or fails to provide any information regarding the accounts of the corporate debtor
|On and after the insolvency commencement date, destroys, mutilates, alters or falsifies any books, papers or securities, or makes or is in the knowledge of making of any false or fraudulent entry in the accounts with the intention to defraud any person.
|Makes any material and willful omission in any statement relating to the affairs of the corporate debtor.
|Before or after the insolvency commencement date, makes a false representation or commits any fraud for the purpose of obtaining the consent of the creditors to an agreement with reference to the affairs of the corporate debtor
|(1) violates or willfully permits the contravention of the provisions of section 14 of the code or
(3) if he contravenes any of the terms of such resolution plan or abets such contravention.
|A corporate debtor provides information which is false in material particulars, in the application under section 10 knowing it to be false and omits any material fact, knowing it to be material