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of <h1>Section 70 of Insolvency Code: Penalties for Misconduct During Corporate Insolvency, Including Fines and Imprisonment.</h1> Section 70 of the Insolvency and Bankruptcy Code, 2016, outlines penalties for misconduct during the corporate insolvency resolution process. It applies to officers of the corporate debtor who fail to disclose or deliver property, books, or information to the resolution professional, or who engage in fraudulent accounting. Such misconduct can result in imprisonment from three to five years and/or fines between one lakh to one crore rupees. Insolvency professionals who intentionally violate provisions face penalties of up to six months imprisonment and/or fines between one lakh to five lakh rupees. No punishment applies if the individual proves lack of intent.
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