Penalty for fraudulent initiation of pre-pack insolvency: authority may impose substantial fines for malicious or defrauding intent. The amendment inserts a new subsection empowering the Adjudicating Authority to impose monetary penalties when a person initiates the pre packaged insolvency resolution process fraudulently, with malicious intent for non resolution purposes, or with intent to defraud any person, specifying a statutory minimum and maximum sanction.
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.
Penalty for fraudulent initiation of pre-pack insolvency: authority may impose substantial fines for malicious or defrauding intent.
The amendment inserts a new subsection empowering the Adjudicating Authority to impose monetary penalties when a person initiates the pre packaged insolvency resolution process fraudulently, with malicious intent for non resolution purposes, or with intent to defraud any person, specifying a statutory minimum and maximum sanction.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
