The Insolvency and Bankruptcy Code, 2016
Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Chapter-IV Bankruptcy Order for Individuals and Partnership Firms
Section 139: Effect of discharge.
*139. 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.
*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.
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