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Section 73: Punishment for false representations to creditors.

The Insolvency and Bankruptcy Code, 2016.Central Act · Act 31 of 2016

Where any officer of the corporate debtor—

(a) on or after the insolvency commencement date, makes a false representation or commits any fraud for the purpose of obtaining the consent of the creditors of the corporate debtor or any of them to an agreement with reference to the affairs of the corporate debtor, during the corporate insolvency resolution process, or the liquidation process;

(b) prior to the insolvency commencement date, has made any false representation, or committed any fraud, for that purpose,

he shall be punishable with imprisonment for a term which shall not be less than three years, but 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.

Where this provision sits

ActThe Insolvency and Bankruptcy Code, 2016.
Section73
Marginal notePunishment for false representations to creditors.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it2

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