If a bankruptcy trustee,-
(a) has fraudulently misapplied, retained or accounted for any money or property
comprised in the estate of the bankrupt; or
(b) has wilfully acted in a manner that the estate of the bankrupt has suffered any loss in consequence of breach of any duty of the bankruptcy trustee in carrying out his functions under section 149,
he shall be punishable with imprisonment for a term which may extend to three years, or with fine, which shall not be less than three times the amount of the loss caused, or likely to have been caused, to persons concerned on account of such contravention, or with both:
Provided that where such loss or unlawful gain is not quantifiable, the total amount of fine imposed shall not exceed five lakh rupees:
Provided further that the bankruptcy trustee shall not be liable under this section if he seizes or disposes of any property which is not comprised in the estate of the bankrupt and at that time had reasonable grounds to believe that he is entitled to seize or dispose that property.
Insolvency and Bankruptcy Code 2016
Section 181 Appeal to Debt Recovery Appellate Tribunal
Section 182 Appeal to Supreme Court
Section 183 Expeditious disposal of applications
Section 184 Punishment for false information, etc., by creditor in insolvency resolution process
Section 185 Punishment for contravention of provisions
Section 186 Punishment for false information, concealment, etc., by bankrupt
Section 187 Punishment for certain actions
Section 188 Establishment and incorporation of Board