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of <h1>New Sub-Section in Insolvency Code: Penalties for Fraudulent Pre-Packaged Insolvency Beginnings Now Range from 1 Lakh to 1 Crore.</h1> Section 65 of the Insolvency and Bankruptcy Code has been amended to include a new sub-section (3). This provision allows the Adjudicating Authority to impose a penalty on any person who initiates the pre-packaged insolvency resolution process fraudulently, with malicious intent, or with the intent to defraud others. The penalty ranges from a minimum of one lakh rupees to a maximum of one crore rupees.
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