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of <h1>Corporate Officers Face Jail, Fines for Omitting Key Info Under Insolvency and Bankruptcy Code, Section 72</h1> Where an officer of a corporate debtor intentionally and materially omits information in statements related to the debtor's affairs, they face imprisonment from three to five years, a fine ranging from one lakh to one crore rupees, or both. This provision is part of the Insolvency and Bankruptcy Code, 2016, under Section 72, addressing offenses and penalties for such omissions.
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