Punishment for contravention of moratorium or the resolution plan [ Section 74 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Punishment for contravention of moratorium or the resolution plan [ Section 74 of the IBC, 2016 ] Punishment for contravention of moratorium or the resolution plan [ Section 74(1) ] Offence Where the corporate debtor or any of its officer violates the provisions of section 14, Liability Corporate Debtor or Any officer Penalty any such officer who knowingly or wilfully committed or authorised or permitted such contravention shall be punishable with With Imprisonment for a term which shall not be less than three years, but may extend to five years or With Fine which shall not be less than one lakh rupees, but may extend to three lakh rupees , or With Both ( Imprisonment Minimum Three year imprisonment and Fine Rs. One Lakh fine if found Guilty ) . Punishment for contravention of moratorium or the resolution plan by the creditor [ Section 74(2) ] Offence Where any creditor violates the provisions of section 14 , Liability Any Creditor Penalty Any person who knowingly and wilfully authorised or permitted such contravention by a creditor shall be punishable with Imprisonment for a term which shall not be less than one year, but may extend to five years , or Fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or With Both ( Imprisonment Minimum One year imprisonment and Fine Rs. One Lakh fine if found Guilty ) . Punishment for contravention of moratorium or the resolution plan by the Corporate Debtor [ Section 74(3) ] Offence Where the corporate debtor, any of its officers or creditors or any person on whom the approved resolution plan is binding under section 31 , knowingly and wilfully contravenes any of the terms of such resolution plan or abets such contravention, Liability such corporate debtor, officer, creditor or person Penalty Punishable With Imprisonment of not less than one year, but 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 One year imprisonment and Fine Rs. One Lakh fine if found Guilty ) .