Section 75
Punishment for false information furnished in application.
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 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.