186. If the bankrupt-
(a) knowingly makes a false representation or wilfully omits or conceals any
material information while making an application for bankruptcy under
section 122 or while providing any information during the bankruptcy
process, he shall be punishable with imprisonment which may extend to six
months, or with fine which may extend to five lakh rupees, or with both;
Explanation.-
For the purposes of clause (a), a false representation or
omission includes non-disclosure of the details of disposal of any property,
which but for the disposal, would be comprised in the estate of the
bankrupt, other than dispositions made in the ordinary course of business
carried on by the bankrupt;
(b) fraudulently has failed to provide or deliberately withheld the
production of, destroyed, falsified or altered, his books of account,
financial information and other records under his custody or control, he
shall be punishable with imprisonment which may extend to one year, or with
fine, which may extend to five lakh rupees, or with both;
(c) has contravened the restrictions under section 140 or the provisions of
section 141, he shall be punishable with imprisonment for a term which may
extend to six months, or with fine, which may extend to five lakh rupees, or
with both;
(d) has failed to deliver the possession of any property comprised in the
estate of the bankrupt under his possession or control, which he is required
to deliver under section 156, he shall be punishable with imprisonment for a
term which may extend to six months, or with fine, which may extend to five
lakh rupees, or with both;
(e) has failed to account, without any reasonable cause or satisfactory
explanation, for any loss incurred of any substantial part of his property
comprised in the estate of the bankrupt from the date which is twelve months
before the filing of the bankruptcy application, he shall be punishable with
imprisonment for a term which may extend to two years, or with fine, which
may extend to three times of the value of the loss, or with both:
Provided that that where such loss is not quantifiable, the total amount of
fine imposed shall not exceed five lakh rupees;
(f) has absconded or attempts to absconds after the bankruptcy commencement
date, 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;
Explanation.-
For the purposes of this clause, a bankrupt shall be deemed to
have absconded if he leaves, or attempts to leave the country without
delivering the possession of any property which he is required to deliver to
the bankruptcy trustee under section 156.