Concealment of corporate property triggers criminal liability with imprisonment and fines for officers who hide or falsify assets. Section 68 penalises officers of a corporate debtor who, within the twelve months before the insolvency commencement date or thereafter, wilfully conceal, remove, destroy, falsify or alter property, debts, books or papers relating to the corporate debtor, or create, transfer or dispose of assets obtained on credit except in the ordinary course of business; liability extends to knowingly receiving such property. Officers are criminally liable with imprisonment and fines, subject to a defence of no intent to defraud or conceal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Concealment of corporate property triggers criminal liability with imprisonment and fines for officers who hide or falsify assets.
Section 68 penalises officers of a corporate debtor who, within the twelve months before the insolvency commencement date or thereafter, wilfully conceal, remove, destroy, falsify or alter property, debts, books or papers relating to the corporate debtor, or create, transfer or dispose of assets obtained on credit except in the ordinary course of business; liability extends to knowingly receiving such property. Officers are criminally liable with imprisonment and fines, subject to a defence of no intent to defraud or conceal.
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