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Section 74 : Punishment for contravention of moratorium or the resolution plan

(1) Where the corporate debtor or any of its officer violates the provisions of section 14, any such officer who knowingly or wilfully committed or authorised or permitted such contravention shall be punishable 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.

(2) Where any creditor violates the provisions of section 14, 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 with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both.

(3) 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, such corporate debtor,
officer, creditor or person shall be 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.

 

Insolvency and Bankruptcy Code 2016

Section 71 Punishment for falsification of books of corporate debtor

Section 72 Punishment for wilful and material omissions from statements relating to affairs of corporate debtor

Section 73 Punishment for false representations to creditors

Section 74 Punishment for contravention of moratorium or the resolution plan

Section 75 Punishment for false information furnished in application

Section 76 Punishment for nondisclosure of dispute or repayment of debt by operational creditor

Section 77 Punishment for providing false information in application made by corporate debtor

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