Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 119: Discharge order.
    (1) On the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debts mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order.
     (2) The repayment plan may provide for—
         (a) early discharge; or
         (b) discharge on complete implementation of the repayment plan.
    (3) The discharge order shall be forwarded to the Board, for the purpose of recording entries in the register referred to in section 196.
     (4) The discharge order under sub-section (3) shall not discharge any other person from any liability in respect of his debt.
Notes:
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