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of <h1>Fraudulent Acts During Insolvency Proceedings Under Section 71 Can Lead to Severe Penalties Including Jail and Fines.</h1> Under Section 71 of the Insolvency and Bankruptcy Code, 2016, any individual who, after the insolvency commencement date, destroys, mutilates, alters, or falsifies any books, papers, or securities of a corporate debtor, or knowingly makes false or fraudulent entries with the intent to defraud, is subject to penalties. The penalties include imprisonment for a term of three to five years, a fine ranging from one lakh to one crore rupees, or both. This provision aims to deter fraudulent activities during insolvency resolution and liquidation processes.
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