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of <h1>Section 267 on penalties for sick company revival omitted by Insolvency and Bankruptcy Code 2016. No more imprisonment or fines.</h1> Section 267 of the Companies Act, 2013, which dealt with punishment for certain offences related to the revival and rehabilitation of sick companies, has been omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it prescribed penalties for violations of provisions, schemes, or orders of the Tribunal or Appellate Tribunal, including making false statements or tampering with records. The penalties included imprisonment for up to seven years and fines up to ten lakh rupees.
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