Section 72
Punishment for wilful and material omissions from statements relating to affairs 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.
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.