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of <h1>Violating Section 74 of IBC 2016 incurs severe penalties, including imprisonment and hefty fines for debtors and creditors.</h1> Section 74 of the Insolvency and Bankruptcy Code (IBC), 2016, outlines penalties for contravening the moratorium or resolution plan during insolvency proceedings. If a corporate debtor or its officers violate Section 14, they face imprisonment of three to five years, a fine between one lakh and three lakh rupees, or both. Creditors violating Section 14 face similar penalties, with fines ranging from one lakh to one crore rupees. Additionally, any corporate debtor, officer, creditor, or bound individual contravening the resolution plan terms may face imprisonment of one to five years, a fine between one lakh and one crore rupees, or both.
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