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of <h1>IBC Section 68: Officers face jail and fines for fraud during insolvency; proving no intent to defraud is a defense.</h1> Chapter VII of Part II of the Insolvency and Bankruptcy Code (IBC) outlines penalties for offences committed by corporate debtors' officers before or during the Corporate Insolvency Resolution Process (CIRP). Section 68 specifies that if an officer conceals property, falsifies records, or fraudulently transfers assets valued at 10,000 rupees or more, they face imprisonment of three to five years and/or fines ranging from 1 lakh to 100 lakh rupees. However, if the officer proves no intent to defraud, they may avoid punishment. These penalties aim to ensure transparency and accountability during insolvency proceedings.
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