Section 67A – The Insolvency and Bankruptcy Code, 2016

Fraudulent management of corporate debtor during pre-packaged insolvency resolution process.

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.]

 

Amendment

1Ins. by Act No. 26 of 2021, sec. 11 (w.e.f. 04-04-2021).

Practice area's of B K Goyal & Co LLP

Company Registration Services in major cities of India

Complete CA Services

RERA Services