Punishment of Concealment of Property detail of offences [ Section 68 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Offences and Penalties Chapter VII of Part II of the IBC deals with the offences committed by various parties before or during a CIRP and the penalties for these, which may involve imprisonment, fines, or both. Punishment of Concealment of Property detail of offences [ Section 68 of the IBC, 2016 ] Where any officer of the corporate debtor has,- (i) within the 12 months immediately preceding the insolvency commencement date,- Where the Value is 10,000/- or More (a) wilfully concealed any property or part of such property of the corporate debtor or concealed any debt due to, or from, the corporate debtor, of the value of 10,000/- rupees or more; or (b) fraudulently removed any part of the property of the corporate debtor of the value of 10,000/- rupees or more; or Where the affecting or relating to the property of the corporate debtor or its affairs (c) wilfully concealed, destroyed, mutilated or falsified any book or paper affecting or relating to the property of the corporate debtor or its affairs; or (d) wilfully made any false entry in any book or paper affecting or relating to the property of the corporate debtor or its affairs; or (e) fraudulently parted with, altered or made any omission in any document affecting or relating to the property of the corporate debtor or its affairs; or (f) wilfully created any security interest over, transferred or disposed of any property of the corporate debtor which has been obtained on credit and has not been paid for unless such creation, transfer or disposal was in the ordinary course of the business of the corporate debtor; or (g) wilfully concealed the knowledge of the doing by others of any of the acts mentioned in clauses (c), (d) or clause (e); or (ii) at any time after the insolvency commencement date, committed any of the acts mentioned in sub-clauses (a) to (f) of clause (i) or has the knowledge of the doing by others of any of the things mentioned in sub-clauses (c) to (e) of clause (i); or (iii) at any time after the insolvency commencement date, taken in pawn or pledge, or otherwise received the property knowing it to be so secured, transferred or disposed, Liability Any officer of Corporate Debtor Punishment Penalty Such officer shall be punishable with Imprisonment or Fine or Both Imprisonment Three to Five Year Fine Rs. 1 Lakh to Rs. 100 Lakhs Both ( Imprisonment Minimum Three year imprisonment and Fine One Lakh Indian Rupees fine if found Guilty ) Provided that nothing in this section shall render a person liable to any punishment under this section if he proves that he had no intent to defraud or to conceal the state of affairs of the corporate debtor