Section 75 of Insolvency and Bankruptcy Code 2016

[ Note : Section 75  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].

Punishment for false information furnished in application.

75. Where any person furnishes information in the application made under section 7, which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material, such person shall be punishable with fine which shall not be less than one lakh rupees, but may extend to one crore rupees.