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of <h1>Officers of a corporate debtor face imprisonment and fines for willful omissions under Section 72 of the IBC 2016.</h1> Section 72 of the Insolvency and Bankruptcy Code (IBC) 2016 addresses the punishment for officers of a corporate debtor who make material and wilful omissions in statements related to the debtor's affairs. Such an offence is punishable by imprisonment for a term not less than three years and up to five years, a fine ranging from 1 lakh to 1 crore, or both. This provision aims to ensure accuracy and transparency in the financial disclosures of corporate debtors during insolvency resolution and liquidation processes.
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