On and after the insolvency commencement date, where any officer of the corporate debtor has—

1. wilfully and with intent to defraud, concealed any property or part thereof of the corporate debtor or concealed any debt due to or from the corporate debtor; or
2. fraudulently removed any property of the corporate debtor; or
3. concealed, destroyed, mutilated or falsified any book or paper affecting or relating to the property of the corporate debtor or its affairs; or
4. made any false entry in any book or paper affecting or relating to the property of the corporate debtor or its affairs; or
5. fraudulently parted with, altered or made any omission in any document affecting or relating to the property of the corporate debtor or its affairs; or
6. created any security interest over, or caused any material change in, the assets of the corporate debtor which is not disclosed to the liquidator or the resolution professional, as the case may be; or
7. without any reasonable excuse, failed to account for any material change in the assets of the corporate debtor,

he shall be punishable with imprisonment for a term which shall not be less than three years 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.