Punishment for misconduct in CIRP: officers liable to imprisonment or fine for withholding assets or records.

Officers of a corporate debtor who, on or after the insolvency commencement date, withhold or fail to disclose property, transactions, books or papers, prevent production of records, account for corporate property by fictitious entries, or fail to report falsely proved debts to the resolution professional commit offences attracting imprisonment of not less than three years up to five years, fines within prescribed limits, or both, subject to a defence of lack of intent; deliberate contraventions by an insolvency professional attract separate penal consequences.

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