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of <h1>Penalties for Misconduct in Corporate Insolvency: Section 70 IBC Imposes Fines and Imprisonment for Non-Compliance.</h1> Section 70 of the Insolvency and Bankruptcy Code (IBC), 2016, outlines penalties for misconduct during the corporate insolvency resolution process. Offenses include failure by an officer of the corporate debtor to disclose or deliver property, books, or information to the resolution professional, or accounting for fictitious losses. Penalties include imprisonment from three to five years and fines ranging from one lakh to one crore rupees. If an insolvency professional deliberately contravenes provisions, penalties include imprisonment up to six months and fines between one lakh and five lakh rupees. A notable case involved penalties for non-cooperation with a resolution professional.
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