False representations to creditors: criminal penalties including imprisonment and fines for corporate debtor officers involved in insolvency processes. An officer of a corporate debtor who makes a false representation or commits fraud to obtain creditor consent regarding the debtor's affairs-whether before the insolvency commencement date for that purpose, or on or after that date during the corporate insolvency resolution or liquidation process-is criminally liable. The offence attracts imprisonment of not less than three years and up to five years, a fine of not less than one lakh and up to one crore rupees, or both.
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.
False representations to creditors: criminal penalties including imprisonment and fines for corporate debtor officers involved in insolvency processes.
An officer of a corporate debtor who makes a false representation or commits fraud to obtain creditor consent regarding the debtor's affairs-whether before the insolvency commencement date for that purpose, or on or after that date during the corporate insolvency resolution or liquidation process-is criminally liable. The offence attracts imprisonment of not less than three years and up to five years, a fine of not less than one lakh and up to one crore rupees, or both.
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 
