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of <h1>Section 77A: Penalties for False Information in Pre-Packaged Insolvency Processes Under Insolvency and Bankruptcy Code 2016</h1> Section 77A of the Insolvency and Bankruptcy Code, 2016, outlines penalties for offenses related to pre-packaged insolvency resolution processes. If a corporate debtor knowingly provides false information or omits material facts in applications or claims lists, they face imprisonment from three to five years, a fine ranging from 1 lakh to 1 crore, or both. The same penalties apply to any person authorizing such false information. Directors or partners who deliberately contravene Chapter III-A provisions face similar penalties. False applications are those where omitted or incorrect details would affect default determination under the Code.
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