(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.
Insolvency and Bankruptcy Code 2016
Section 181 Appeal to Debt Recovery Appellate Tribunal
Section 182 Appeal to Supreme Court
Section 183 Expeditious disposal of applications
Section 184 Punishment for false information, etc., by creditor in insolvency resolution process
Section 185 Punishment for contravention of provisions
Section 186 Punishment for false information, concealment, etc., by bankrupt
Section 187 Punishment for certain actions
Section 188 Establishment and incorporation of Board