Moratorium and resolution plan contravention penalties under the insolvency code were later omitted from the statute. Section 74 of the Insolvency and Bankruptcy Code, 2016, concerning punishment for contravention of moratorium or the resolution plan, has been omitted. The former provision imposed penal consequences on officers of the corporate debtor, creditors, and persons bound by an approved resolution plan where they knowingly and wilfully contravened the moratorium under section 14 or the terms of the approved resolution plan, or abetted such contravention. It differentiated liability by category and provided for imprisonment, fine, or both, with specified minimum and maximum ranges.
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.
Moratorium and resolution plan contravention penalties under the insolvency code were later omitted from the statute.
Section 74 of the Insolvency and Bankruptcy Code, 2016, concerning punishment for contravention of moratorium or the resolution plan, has been omitted. The former provision imposed penal consequences on officers of the corporate debtor, creditors, and persons bound by an approved resolution plan where they knowingly and wilfully contravened the moratorium under section 14 or the terms of the approved resolution plan, or abetted such contravention. It differentiated liability by category and provided for imprisonment, fine, or both, with specified minimum and maximum ranges.
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