69. On or after the insolvency commencement date, if an officer of the
corporate debtor or the corporate debtor-
(a) has made or caused to be made any gift or transfer of, or charge on, or
has caused or connived in the execution of a decree or order against, the
property of the corporate debtor;
(b) has concealed or removed any part of the property of the corporate
debtor within two months before the date of any unsatisfied judgment, decree
or order for payment of money obtained against the corporate debtor, such
officer of the corporate debtor or the corporate debtor, as the case may be,
shall be punishable with imprisonment for a term which shall not be less
than one year, but which 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:
Provided that a person shall not be punishable under this section if the
acts mentioned in clause (a) were committed more than five years before the
insolvency commencement date; or if he proves that, at the time of
commission of those acts, he had no intent to defraud the creditors of the
corporate debtor.