Where any person, who being an officer of the corporate debtor, on or after the insolvency commencement date, destroys, mutilates, alters or falsifies any books, papers or securities, or makes or is privy to making of any false or fraudulent entry in any register, book of account or document belonging to the corporate debtor with intent to defraud or deceive any person, 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.