(3) If any person initiates the pre-packaged insolvency resolution process— — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

1 [(3) If any person initiates the pre-packaged insolvency resolution process— (a) fraudulently or with malicious intent for any purpose other than for the resolution of insolvency; or (b) with the intent to defraud any person, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.]

Section 1