187. If a bankruptcy trustee,-
(a) has fraudulently misapplied, retained or accounted for any money or
property comprised in the estate of the bankrupt; or
(b) has wilfully acted in a manner that the estate of the bankrupt has
suffered any loss in consequence of breach of any duty of the bankruptcy
trustee in carrying out his functions under section 149, he shall be
punishable with imprisonment for a term which may extend to three years, or
with fine, which shall not be less than three times the amount of the loss
caused, or likely to have been caused, to persons concerned on account of
such contravention, or with both:
Provided that where such loss or unlawful gain is not quantifiable, the
total amount of fine imposed shall not exceed five lakh rupees:
Provided further that the bankruptcy trustee shall not be liable under this
section if he seizes or disposes of any property which is not comprised in
the estate of the bankrupt and at that time had reasonable grounds to
believe that he is entitled to seize or dispose that property.