Section 72 of Insolvency and Bankruptcy Code 2016

By | December 1, 2016
(Last Updated On: December 1, 2016)

Section 72 of Insolvency and Bankruptcy Code 2016

[ Note : Section 72  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].

Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.

72. 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.

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