Section 68 of IBC : Section 68: Punishment For Concealment Of Property

IBC

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Explanation using Example

Imagine a company, XYZ Pvt. Ltd., is undergoing insolvency proceedings. The Chief Financial Officer (CFO) of the company, in the months leading up to the insolvency commencement date, realizes that the company is in dire financial straits. To avoid the negative repercussions and possibly save his reputation, the CFO decides to hide certain assets of the company. He transfers a company-owned vehicle and some expensive equipment, worth over ten thousand rupees, to his brother's warehouse. Additionally, he alters the company's financial books t...

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