Moratorium and resolution plan contravention attracts penalties for corporate debtors, officers, creditors, and bound persons. Contravention of the moratorium under section 14 by a corporate debtor, its officers, or a creditor, and contravention of the terms of an approved resolution plan or abetment of such contravention, are subject to penalty proceedings before the Adjudicating Authority on application by the Board, the Central Government, or an authorised person. The provision specifies penalties for the officer, creditor, or other person who committed, authorised, or permitted the contravention, including prescribed minimum and maximum penalty limits.
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Provisions expressly mentioned in the judgment/order text.
Moratorium and resolution plan contravention attracts penalties for corporate debtors, officers, creditors, and bound persons.
Contravention of the moratorium under section 14 by a corporate debtor, its officers, or a creditor, and contravention of the terms of an approved resolution plan or abetment of such contravention, are subject to penalty proceedings before the Adjudicating Authority on application by the Board, the Central Government, or an authorised person. The provision specifies penalties for the officer, creditor, or other person who committed, authorised, or permitted the contravention, including prescribed minimum and maximum penalty limits.
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