The Insolvency and Bankruptcy Code, 2016
PART III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
CHAPTER III Bankruptcy Order for Individuals and Partnership Firms
Section 119: Discharge order:
*119. (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.
Notifications & Circulars
*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.