Punishment for offences related to pre-packaged insolvency resolution process [ Section 77A ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Punishment for offences related to pre-packaged insolvency resolution process [ Section 77A of the IBC, 2016 ] Punishment for offences to Corporate Debtor related to pre-packaged insolvency resolution process [ Section 77A(1) ] Offences Where- (a) a corporate debtor provides any information in the application under section 54C which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material; or (b) a corporate debtor provides any information in the list of claims or the preliminary information memorandum submitted under sub-section (1) of section 54G which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material; or (c) any person who knowingly and wilfully authorised or permitted the furnishing of such information under sub-clauses (a) and (b), Liability such corporate debtor or person Penalty such corporate debtor or person, as the case may be, 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 ₹ 1 lakh, but which may extend to ₹ 1 crore, or with both ( Imprisonment Minimum Three year and Fine ₹ 1,00,000/- fine if found Guilty ). . If a director or partner of the corporate debtor deliberately contravenes the provisions [ Section 77A(2) ] Offence If a director or partner of the corporate debtor, as the case may be, deliberately contravenes the provisions of Chapter III-A, Liability Such Director or Partner Penalty such person shall be punishable with imprisonment for not less than three years, but which may extend to five years, or with fine which shall not be less than ₹ 1 lakh, but which may extend to ₹ 1 crore, or with both ( Imprisonment Minimum Three year and Fine ₹ 1,00,000/- fine if found Guilty ). Explanation. For the purposes of this section, and sections 75 , 76 and 77 , an application shall be deemed to be false in material particulars in case the facts mentioned or omitted in the application, if true, or not omitted from the application as the case may be, would have been sufficient to determine the existence of a default under this Code.