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of <h1>False Information in Insolvency Process Under Section 184 Can Lead to Imprisonment, Heavy Fines for Debtors and Creditors.</h1> Under Section 184 of the Insolvency and Bankruptcy Code, 2016, a debtor or creditor who provides materially false information to a resolution professional during the insolvency resolution process may face imprisonment for up to one year, a fine up to five lakh rupees, or both. Additionally, if a creditor dishonestly agrees to support a repayment plan in exchange for money, property, or security from the debtor, they may be punished with imprisonment for up to two years, a fine up to three times the value of the received benefit, or both, with a maximum fine of five lakh rupees if the benefit is not quantifiable.
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