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of <h1>IBC Sections 66, 67 & 67A: Powers in Insolvency, Payment Priorities & Penalties for Fraudulent Management</h1> Proceedings under sections 66, 67, and 67A of the Insolvency and Bankruptcy Code (IBC) 2016 involve the Adjudicating Authority's powers during corporate insolvency resolution and liquidation processes. The Authority can impose liabilities on individuals related to the corporate debtor's debts or assets and enforce charges. Section 67 outlines the order of payment priorities for creditors. Section 67A addresses fraudulent management during the pre-packaged insolvency resolution process, allowing penalties for officers managing affairs with intent to defraud creditors. Penalties range from one lakh to one crore rupees, based on the severity of the fraudulent actions.
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