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of <h1>False Info in Insolvency Applications Under Section 75 IBC 2016: Penalty Ranges from 1 Lakh to 1 Crore</h1> Section 75 of the Insolvency and Bankruptcy Code, 2016, addresses the offense of providing false information in applications under Section 7. If a person knowingly submits false information or omits material facts in such applications, they face a penalty. The fine imposed ranges from a minimum of one lakh rupees to a maximum of one crore rupees. This provision has been in effect since December 1, 2016.
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