Under section 68, an officer of the corporate debtor who, within the twelve months before the…
Section 68 punishes concealment of property by an officer with imprisonment "which shall not be less than three years but which may extend to five years", or fine from one…
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Under section 68, an officer of the corporate debtor who, within the twelve months before the insolvency commencement date, wilfully conceals property of the corporate debtor worth ten thousand rupees or more is punishable with:
Answer and explanation
Correct answer B
Section 68 punishes concealment of property by an officer with imprisonment "which shall not be less than three years but which may extend to five years", or fine from one lakh to one crore rupees, or both. Its proviso excuses a person who proves he had no intent to defraud or to conceal the state of affairs of the corporate debtor. The six-month term is the punishment for an insolvency professional who deliberately contravenes Part II, under section 70(2).
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