Wilful and material omission by corporate officer attracts imprisonment and fine under insolvency law provision. The provision criminalises a wilful and material omission in any statement about the affairs of a corporate debtor by an officer of the debtor. It attaches criminal liability to such officers and prescribes punishment of imprisonment for a term of not less than three years and up to five years, or a monetary penalty within the statutory range, or both, to ensure accurate disclosure during insolvency resolution and liquidation.
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.
Wilful and material omission by corporate officer attracts imprisonment and fine under insolvency law provision.
The provision criminalises a wilful and material omission in any statement about the affairs of a corporate debtor by an officer of the debtor. It attaches criminal liability to such officers and prescribes punishment of imprisonment for a term of not less than three years and up to five years, or a monetary penalty within the statutory range, or both, to ensure accurate disclosure during insolvency resolution and liquidation.
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