Contravention of moratorium or resolution plan attracted criminal penalties under the insolvency code, though the section now stands omitted. Section 74 of the Insolvency and Bankruptcy Code, 2016 originally provided punishment for wilful contravention of the moratorium or an approved resolution plan. It applied to the corporate debtor, its officers, creditors, and any person bound by the resolution plan, including cases of abetment. The provision prescribed imprisonment, fine, or both, depending on the category of offender and the breach. The section now stands omitted.
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.
Contravention of moratorium or resolution plan attracted criminal penalties under the insolvency code, though the section now stands omitted.
Section 74 of the Insolvency and Bankruptcy Code, 2016 originally provided punishment for wilful contravention of the moratorium or an approved resolution plan. It applied to the corporate debtor, its officers, creditors, and any person bound by the resolution plan, including cases of abetment. The provision prescribed imprisonment, fine, or both, depending on the category of offender and the breach. The section now stands omitted.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.