Contravention of moratorium or resolution plan triggers criminal penalties including imprisonment and fines under insolvency law. Contravention of the moratorium or approved resolution plan gives rise to criminal liability: corporate debtors and their officers who knowingly or willfully violate the moratorium incur imprisonment and fines; creditors who wilfully contravene the moratorium, and persons authorising such contraventions, incur imprisonment and fines; and corporate debtors, officers, creditors or persons bound by an approved plan who breach or abet breach of the plan likewise face imprisonment and fines.
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.
Contravention of moratorium or resolution plan triggers criminal penalties including imprisonment and fines under insolvency law.
Contravention of the moratorium or approved resolution plan gives rise to criminal liability: corporate debtors and their officers who knowingly or willfully violate the moratorium incur imprisonment and fines; creditors who wilfully contravene the moratorium, and persons authorising such contraventions, incur imprisonment and fines; and corporate debtors, officers, creditors or persons bound by an approved plan who breach or abet breach of the plan likewise face imprisonment and fines.
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