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of <h1>Penalties for Concealing Disputes or Payments in Insolvency Applications Under Section 76 of the IBC, 2016</h1> Section 76 of the Insolvency and Bankruptcy Code, 2016, prescribes penalties for operational creditors who knowingly conceal disputes or full payment of debts in applications under Section 9. If an operational creditor or any person authorizes such concealment, they face imprisonment from one to five years, a fine ranging from one lakh to one crore rupees, or both. This provision aims to ensure transparency and accountability in insolvency proceedings, effective from December 1, 2016, with amendments made in 2018 regarding the terminology used for 'payment' of debts.
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