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of <h1>False Info in Insolvency Applications Under IBC Section 75 Leads to Heavy Fines for Misleading Submissions.</h1> Under Section 75 of the Insolvency and Bankruptcy Code (IBC) 2016, if an individual knowingly provides false information or omits material facts in an application under section 7, they commit an offense. The penalty for such an offense includes a fine ranging from a minimum of one lakh rupees to a maximum of one crore rupees. This provision aims to ensure the integrity of information submitted during the insolvency resolution and liquidation processes for corporate entities.
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