The Insolvency and Bankruptcy Code, 2016
Part-II Insolvency Resolution and Liquidation for Corporate Persons
Chapter-VI Adjudicating Authority for Corporate Persons
Section 67A: Fraudulent management of corporate debtor during pre-packaged insolvency resolution process.
1[67A. On and after the pre-packaged insolvency commencement date, where an officer of the corporate debtor manages its affairs with the intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating Authority may, on an application by the resolution professional, pass an order imposing upon any such officer, a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.]
1. Ins. by the Insolvency and Bankruptcy Code (Amendment) Act, 2021, w.e.f. 04.04.2021.
Access complete Bare Act here and Notification and Circular here.
IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.