Section 10 - Amendment of section 65. - The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2021

Amendment of section 65. 10. In section 65 of the principal Act, after sub-section (2), the following sub-section shall be inserted, namely: (3) If, any person initiates the pre-packaged insolvency resolution process- (a) fraudulently or with malicious intent for any purpose other than for the resolution of insolvency; or (b) with the intent to defraud any person, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees. .