IBC 119 — Discharge order

Insolvency & Bankruptcy Code, 2016

Statutory text

(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.

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