Falsification of corporate books triggers criminal liability and mandatory penal consequences during insolvency proceedings. Falsification of corporate records after the insolvency commencement date is a criminal offence where any person destroys, mutilates, alters or falsifies books, papers or securities of the corporate debtor, or makes or is aware of false or fraudulent entries, with intent to defraud or deceive; any Relevant Person is liable and the statute prescribes imprisonment and/or fine to safeguard record integrity during insolvency.
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.
Falsification of corporate books triggers criminal liability and mandatory penal consequences during insolvency proceedings.
Falsification of corporate records after the insolvency commencement date is a criminal offence where any person destroys, mutilates, alters or falsifies books, papers or securities of the corporate debtor, or makes or is aware of false or fraudulent entries, with intent to defraud or deceive; any Relevant Person is liable and the statute prescribes imprisonment and/or fine to safeguard record integrity during insolvency.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
