Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: 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.

Ministry: Ministry of Corporate Affairs

Department:

Section 76: Punishment for non-disclosure of dispute or payment of debt by operational creditor.
    76. Punishment for non-disclosure of dispute or 1 [payment] of debt by operational creditor.— Where—
         (a) an operational creditor has wilfully or knowingly concealed in an application under section 9 the fact that the corporate debtor had notified him of a dispute in respect of the unpaid operational debt or the full and final 1 [payment of the unpaid operational debt; or
         (b) any person who knowingly and wilfully authorised or permitted such concealment under clause (a),
such operational creditor or person, as the case may be, shall be punishable with imprisonment for a term which shall not be less than one year but 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.
Notes:
1 Subs. by Act 26 of 2018, s. 31, for "repayment" (w.e.f. 6-6-2018).
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