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of <h1>Section 69 of Insolvency Code: Penalties for Defrauding Creditors Include Imprisonment and Fines for Unauthorized Transactions.</h1> Section 69 of the Insolvency and Bankruptcy Code, 2016, outlines penalties for transactions defrauding creditors. It targets officers or the corporate debtor who make unauthorized transfers, gifts, or charges on property, or conceal property within two months before an unsatisfied judgment. Such actions can result in imprisonment from one to five years, a fine ranging from one lakh to one crore rupees, or both. However, no punishment is imposed if the acts occurred over five years before insolvency or if there was no intent to defraud creditors. This provision was amended in 2018 and effective from December 1, 2016.
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