(1) Where the corporate debtor, any of its officers or creditors or any person on whom the approved resolution plan is binding under section 31, knowingly and wilfully contravenes any of the terms of such resolution plan or abets such contravention, the corporate debtor, officer, creditor or person, as the case may be, 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.

(2) Where the corporate debtor, any of its officers or any person on whom the moratorium is binding under section 14, knowingly and wilfully contravenes the provisions of the said moratorium or abets such contravention, the corporate debtor, officer or person, as the case may be, 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 three crore rupees, or with both.

(3) Where any person knowingly and wilfully authorises or permits such contravention referred to in sub-section (1) or sub-section (2), such person shall be punishable with imprisonment for a term which shall not be less than one year, but 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.