Section 185
Punishment for contravention of provisions.
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.
If an insolvency professional deliberately
contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may
extend to six months, or with fine, which shall not be less than one lakh rupees, but may extend to five
lakhs rupees, or with both.