Punishment for non-disclosure of dispute or payment of debt by operational creditor [ Section 76 of the IBC, 2016 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Punishment for non-disclosure of dispute or payment of debt by operational creditor [ Section 76 of the IBC, 2016 ] Offence Where- (a) an operational creditor has wilfully or knowingly concealed in an application under section 9 the fact that the corporate debtor had notified him of a dispute in respect of the unpaid operational debt or the full and final payment of the unpaid operational debt; or (b) any person who knowingly and wilfully authorised or permitted such concealment under clause (a), Liability Such Operation Creditor or Any Person Penalty such operational creditor or person, as the case may be, shall be punishable with with Imprisonment for a term which shall not be less than one year but may extend to five years or with Fine which shall not be less than ₹ 1 lakh but may extend to ₹ 1 crore , or With Both ( Imprisonment Minimum One year and Fine ₹ 1,00,000/- fine if found Guilty ). .