Section 184
Punishment for false information, etc., by creditor in insolvency resolution process.
The Insolvency and Bankruptcy Code, 2016.
About this Act
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
(1) If
a debtor or creditor provides information which is false in any material particulars to the resolution
professional, he shall be punishable with imprisonment for a term which may extend to one year, or with
fine which may extend to five lakh rupees, or with both.
(2) If a creditor promises to vote in favour of the repayment plan dishonestly by accepting any money, property or security from the debtor, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to three times the amount or its equivalent of such money, property or security accepted by such creditor, as the case may be, or with both:
Provided that where such amount is not quantifiable, the total amount of fine shall not exceed five lakh rupees.
(2) If a creditor promises to vote in favour of the repayment plan dishonestly by accepting any money, property or security from the debtor, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to three times the amount or its equivalent of such money, property or security accepted by such creditor, as the case may be, or with both:
Provided that where such amount is not quantifiable, the total amount of fine shall not exceed five lakh rupees.