LawgistThe Insolvency and Bankruptcy Code
138Discharge 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.
Download our fully-offline, High speed android app.- Click here
CHAPTER IV BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS
- 121 Application for bankruptcy
- 122 Application by debtor
- 123 Application by creditor
- 124 Effect of application
- 125 Appointment of insolvency professional as bankruptcy trustee
- 126 Bankruptcy order
- 127 Validity of bankruptcy order
- 128 Effect of bankruptcy order
- 129 Statement of financial position
- 130 Public notice inviting claims from creditors
- 131 Registration of claims
- 132 Preparation of list of creditors
- 133 Summoning of meeting of creditors
- 134 Conduct of meeting of creditors
- 135 Voting rights of creditors
- 136 Administration and distribution of estate of bankruptcy
- 137 Completion of administration
- 138 Discharge order
- 139 Effect of discharge
- 140 Disqualification of bankrupt
- 141 Restrictions on bankrupt
- 142 Modification or recall of bankruptcy order
- 143 Standard of conduct
- 144 Fees of bankruptcy trustee
- 145 Replacement of bankruptcy trustee
- 146 Resignation by bankruptcy trustee
- 147 Vacancy in office of bankruptcy trustee
- 148 Release of bankruptcy trustee
