Bharatiya Nyaya Sanhita, 2023
Section 321
Dishonestly or fraudulently preventing debt being available for creditors
Whoever dishonestly or fraudulently prevents any debt or demand due to himself or to any other person from being made available according to law for payment of his debts or the debts of such other person, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.
Why this exists
Just as hiding physical property can cheat creditors, a debtor can also cheat them by hiding or blocking money that is owed to the debtor by someone else (a debt receivable). This provision closes that loophole so that all forms of an insolvent person's assets, including money owed to them, remain available to satisfy legitimate debts.