Section 74 of IBC : Section 74: Punishment For Contravention Of Moratorium Or The Resolution Plan

IBC

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Explanation using Example

Imagine a company, XYZ Corp, is going through insolvency proceedings, and the court has issued a moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016. This moratorium prohibits any legal action or enforcement against the company's assets.

Example 1: Despite the moratorium, the CEO of XYZ Corp decides to sell off a significant piece of company machinery to a friend below market value. This act violates the provisions of section 14. Under section 74(1), the CEO, knowing and wilfully breaching the m...

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