Punishment for wilful and material omissions from statements relating to affairs of corporate debtor [ Section 72 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Punishment for wilful and material omissions from statements relating to affairs of corporate debtor [ Section 72 of the IBC, 2016 ] Offence Where an officer of the corporate debtor makes any material and wilful omission in any statement relating to the affairs of the corporate debtor, Liability Any officer of the corporate debtor Penalty He shall be punishable with 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 ₹ 1 lakh , but may extend to ₹ 1 crore rupees, or With Both ( Imprisonment Minimum Three year and Fine ₹ 1,00,000/- fine if found Guilty )