On or after the insolvency commencement date, if an officer of the corporate debtor or the corporate debtor-
(a) has made or caused to be made any gift or transfer of, or charge on, or has caused or connived in the execution of a decree or order against, the property of the corporate debtor;
(b) has concealed or removed any part of the property of the corporate debtor within two months before the date of any unsatisfied judgment, decree or order for payment of money obtained against the corporate debtor, such officer of the corporate debtor or the corporate debtor, as the case may be, shall be punishable with imprisonment for a term which shall not be less than one year, but which 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:
Provided that a person shall not be punishable under this section if the acts mentioned in clause (a) were committed more than five years before the insolvency commencement date; or if he proves that, at the time of commission of those acts, he had no intent to defraud the creditors of the corporate debtor.
Insolvency and Bankruptcy Code 2016
Section 61 Appeals and Appellate Authority
Section 62 Appeal to Supreme Court
Section 63 Civil court not to have jurisdiction
Section 64 Expeditious disposal of applications
Section 65 Fraudulent or malicious initiation of proceedings
Section 66 Fraudulent trading or wrongful trading
Section 67 Proceedings under section 66
CHAPTER VII OFFENCES AND PENALTIES
Section 68 Punishment for concealment of property
Section 69 Punishment for transactions defrauding creditors
Section 70 Punishment for misconduct in course of corporate insolvency resolution process