Where an officer of the corporate debtor makes any material and wilful omission in any statement relating to the affairs of the corporate debtor, he shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both.
Section 72: Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.
The Insolvency and Bankruptcy Code, 2016.Central Act · Act 31 of 2016
Where this provision sits
| Act | The Insolvency and Bankruptcy Code, 2016. |
|---|---|
| Section | 72 |
| Marginal note | Punishment for wilful and material omissions from statements relating to affairs of corporate debtor. |
| Jurisdiction | Central |
| Status | In force as published by the source |
| Judgments citing it | 3 |
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