If a creditor provides any information in the application made under section 95 which is false in material particulars, knowing it to be false, or omits any material fact, knowing it to be material, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years, or with fine which shall not be less than one lakh rupees but which may extend to one crore rupees, or with both.