Section 71
Punishment for falsification of books of corporate debtor.
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.
On and after the insolvency
commencement date, where any person destroys, mutilates, alters or falsifies any books, papers or
securities, or makes or is in the knowledge of making of any false or fraudulent entry in any register,
books of account or document belonging to the corporate debtor with intent to defraud or deceive any
person, 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.