Punishment for misconduct in courses of corporate insolvency resolution process [ Section 70 ]

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..... ent date, where an officer of the corporate debtor- (a) does not disclose to the resolution professional all the details of property of the corporate debtor, and details of transactions thereof, or any such other information as the resolution professional may require; or (b) does not deliver to the resolution professional all or part of the property of the corporate debto .....

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..... immediately preceding the insolvency commencement date, Liability Any Officer of the corporate debtor. 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 Fine , which shall not be less than one lakh rupees, but may extend to one crore rupees, o .....

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..... Company (India) Ltd. Vs. Shivam Water Treaters Pvt. Ltd. - NCLT, Mumbai Dated 28.03.2019 Despite directions of handing over the CD to the RP, the business head and statutory auditor did not extend any cooperation for handing over possession of the CD to the RP. Hence, a penalty of Rs. 10 lakh each was imposed under section 70 of the Code. - Manuals - Ready reckoner - Law and practice - R .....

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