76. Punishement for nondisclosure of dispute or repayment  *1[payment] of debt by operational creditor

 76. Where—

(a) an operational creditor has wilfully or knowingly concealed in an application under section 9 the fact that the corporate debtor had notified him of a dispute in respect of the unpaid operational debt or the full and final repayment *2[payment] of the unpaid operational debt; or

(b) any person who knowingly and wilfully authorised or permitted such concealment under clause (a), such operational creditor or person, as the case may be, shall be punishable with imprisonment for a term which shall not be less than one year 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.

Note :

1. Substituted by Amendment The Insolvency And Bankruptcy Code (Amendment) (SECOND AMENDMENT) ACT, 2018.  

2. Substituted by Amendment The Insolvency And Bankruptcy Code (Amendment) (SECOND AMENDMENT) ACT, 2018.  

 

 

 

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