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of <h1>Fraudulent Management in Pre-Packaged Insolvency: Section 67A Imposes Penalties from 1 Lakh to 1 Crore</h1> Section 67A of the Insolvency and Bankruptcy Code, 2016, addresses fraudulent management of a corporate debtor during the pre-packaged insolvency resolution process. If an officer of the corporate debtor manages its affairs with the intent to defraud creditors or for any fraudulent purpose, the Adjudicating Authority can impose a penalty. This penalty, upon application by the resolution professional, ranges from a minimum of one lakh rupees to a maximum of one crore rupees. This provision was added by the Insolvency and Bankruptcy Code (Amendment) Act, 2021, effective from April 4, 2021.
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