Punishment for falsification of books of corporate debtor [ Section 71 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Punishment for falsification of books of corporate debtor [ Section 71 of the IBC, 2016 ] Offence On and after the insolvency commencement date, where any person 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 any register, book of account or document belonging to the corporate debtor with intent to defraud or deceive any person, Liability Any Relevant Person Penalty He shall be punishable With Imprisonment for a term which shall not be less than three years, but which may extend to five years, or With Fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or With Both ( Imprisonment Minimum Three year imprisonment and Fine Rs. One Lakh fine if found Guilty )