Insolvency and Bankruptcy Code, 2016
7.4
Punishment for destruction or falsification of books of the corporate debtor (Section 71). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 What constitutes the offence of destruction or 7.4.1 falsification of books of the corporate debtor?. . . . . . . . . . . 123 Punishment for the offence of destruction or 7.4.2 falsification of books of the corporate debtor. . . . . . . . . . . . 123 7.5 Punishment for wilful and material omissions from statements relating to the affairs of the corporate debtor (Section 72). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 7.6 Punishment for false representation to creditors (Section 73). . . . . . 124 7.7 Punishment for contravention of moratorium or resolution plan (Section 74) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 Contravention of moratorium by the corporate 7.7.1 debtor or an officer thereof . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 Contravention of moratorium by a creditor. . . . . . . . . . . . . 125 7.7.2 7.7.3 Wilful contravention of resolution plan . . . . . . . . . . . . . . . . 125 7.8 Punishment for false information in application (Section 75) . . . . . . 125 7.9 Punishment for non-disclosure of dispute or repayment of debt to an operational creditor (Section 76) . . . . . . . . . . . . . . . . . . . . . 126 Wilful concealment by an operational creditor . . . . . . . . . . 126 7.9.1 Authorisation of wilful concealment by an operational 7.9.2 creditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 False in material particulars . . . . . . . . . . . . . . . . . . . . . . . . . . 126 7.9.3 7.10 Punishment for providing false information in an application filed by the corporate debtor (Section 77). . . . . . . . . . . . . . . . . . . . . . . 127 7.10.1 Furnishing information of false information by the corporate debtor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 7.10.2 Authorisation of the providing of false information by the corporate debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 7.10.3 False in material particulars . . . . . . . . . . . . . . . . . . . . . . . . . . 127 PART III INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS Chapter 1
Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
1.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 1.2 Applicability of Part III of the Code (Section 78). . . . . . . . . . . . . . . . . 129 1.3 Key definitions (Section 79). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 1.3.1 Adjudicating authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 xxii