70. (1) On or after the insolvency commencement date, where an officer of
the corporate debtor-
(a) does not disclose to the resolution professional all the details of
property of the corporate debtor, and details of transactions thereof, or
any such other information as the resolution professional may require; or
(b) does not deliver to the resolution professional all or part of the
property of the corporate debtor in his control or custody and which he is
required to deliver; or (c) does not deliver to the resolution professional
all books and papers in his control or custody belonging to the corporate
debtor and which he is required to
deliver; or
(d) fails to inform there solution professional the information in his
knowledge that a debt has been falsely proved by any person during the
corporate insolvency resolution process; or
(e) prevents the production of any book or paper affecting or relating to
the property or affairs of the corporate debtor; or
(f) accounts for any part of the property of the corporate debtor by
fictitious losses or expenses, or if he has so attempted at any meeting of
the creditors of the corporate debtor within the twelve months immediately
preceding the insolvency commencement date, he 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 may extend to one crore rupees, or with both:
Provided that nothing in this section shall render a person liable to any
punishment under this section if he proves that he had no intent to do so in
relation to the state of affairs of the corporate debtor.
(2) If an insolvency professional deliberately contravenes the provisions of
this Part the shall be punishable with imprisonment for a term which may
extend to six months, or with fine which shall not be less than one lakh
rupees, but may extend to five lakhs rupees, or with both.