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 138: Discharge order.
    (1) The bankruptcy trustee shall apply to the Adjudicating Authority for a discharge order—
         (a) on the expiry of one year from the bankruptcy commencement date; or
         (b) within seven days of the approval of the committee of creditors of the completion of administration of the estates of the bankrupt under section 137, where such approval is obtained prior to the period mentioned in clause (a).
    (2) The Adjudicating Authority shall pass a discharge order on an application by the bankruptcy trustee under sub-section (1).
     (3) A copy of the discharge order shall be provided to the Board for the purpose of recording an entry in the register referred to in section 196.
Notes:
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