Section 184: Punishment for false information, etc., by creditor in insolvency resolution process

Save(0)

The Insolvency and Bankruptcy Code, 2016

PART III
Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

CHAPTER VII
Offences and Penalties

Section 184: Punishment for false information, etc., by creditor in insolvency resolution process:

*184. (1) If a debtor or creditor provides information which is false in any material particulars to the resolution professional, he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to five lakh rupees, or with both.

(2) If a creditor promises to vote in favour of the repayment plan dishonestly by accepting any money, property or security from the debtor, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to three times the amount or its equivalent of such money, property or security accepted by such creditor, as the case may be, or with both:

    Provided that where such amount is not quantifiable, the total amount of fine shall not exceed five lakh rupees.


————————

Notifications & Circulars

*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.

Leave a Reply

Your email address will not be published.

WhatsApp Bulletin-26