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 139: Effect of discharge.
    The discharge order under sub-section (2) of section 138 shall release the bankrupt from all the bankruptcy debt:
     Provided that discharge shall not—
         (a) affect the functions of the bankruptcy trustee; or
         (b) affect the operation of the provisions of Chapters IV and V of Part III; or
         (c) release the bankrupt from any debt incurred by means of fraud or breach of trust to which he was a party; or
         (d) discharge the bankrupt from any excluded debt.
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