77. Where-
(a) a corporate debtor provides information in the application under section
10 which is false in material particulars, knowing it to be false and omits
any material fact, knowing it to be material; or
(b) any person who knowingly and wilfully authorised or permitted the
furnishing of such information under sub-clause (a), such corporate debtor
or person, as the case may be, shall be punishable with imprisonment for a
term which shall not be less than three years, but which may extend to five
years or with fine which shall not be less than one lakh rupees, but which
may extend to one crore rupees, or with both.
Explanation.-For the purposes of this section and sections 75 and 76, an
application shall be deemed to be false in material particulars in case the
facts mentioned or omitted in the application, if true, or not omitted from
the application as the case may be, would have been sufficient to determine
the existence of a default under this Code.