False representation to creditors: corporate officers face criminal imprisonment and monetary penalties under insolvency law provisions. Section 73 penalises an officer of the corporate debtor who makes a false representation or commits fraud to obtain creditor consent to an agreement, whether that conduct occurs on or after the insolvency commencement date during the resolution or liquidation process, or prior to the insolvency commencement date for the same purpose. The offence attracts imprisonment of not less than three years and up to five years, and a fine not less than one lakh rupees and up to one crore rupees, or both.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
False representation to creditors: corporate officers face criminal imprisonment and monetary penalties under insolvency law provisions.
Section 73 penalises an officer of the corporate debtor who makes a false representation or commits fraud to obtain creditor consent to an agreement, whether that conduct occurs on or after the insolvency commencement date during the resolution or liquidation process, or prior to the insolvency commencement date for the same purpose. The offence attracts imprisonment of not less than three years and up to five years, and a fine not less than one lakh rupees and up to one crore rupees, or both.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
