Section 10 - Amendment of section 65 - Insolvency and Bankruptcy Code (Amendment) Act, 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. .