Where any officer of the corporate debtor-
(a) on or after the insolvency commencement date, makes a false
representation or commits any fraud for the purpose of obtaining the consent
of the creditors of the corporate debtor or any of them to an agreement with
reference to the affairs of the corporate debtor, during the corporate
insolvency resolution process, or the liquidation process;
(b) prior to the insolvency commencement date, has made any false representation, or committed any fraud, for that purpose, he shall be punishable with imprisonment for a term which shall not be less than three years, 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.
Insolvency and Bankruptcy Code 2016
Section 71 Punishment for falsification of books of corporate debtor
Section 73 Punishment for false representations to creditors
Section 74 Punishment for contravention of moratorium or the resolution plan
Section 75 Punishment for false information furnished in application
Section 76 Punishment for nondisclosure of dispute or repayment of debt by operational creditor
Section 77 Punishment for providing false information in application made by corporate debtor