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of <h1>Section 77 of Insolvency Code: Penalties for False Information in Bankruptcy Applications Include Jail, Fines for Corporate Debtors</h1> Under Section 77 of the Insolvency and Bankruptcy Code, 2016, if a corporate debtor knowingly provides false information or omits material facts in an application under Section 10, or if any person authorizes or permits such actions, they face penalties. These penalties include imprisonment for a term between three to five years, a fine ranging from one lakh to one crore rupees, or both. This provision aims to deter fraudulent practices in insolvency applications, ensuring the integrity of the bankruptcy process. The section was enforced from December 1, 2016, with amendments made in 2021.
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