Section 138 of IBC : Section 138: Discharge Order

Explanation using Example

Imagine a situation where Mr. A has been declared bankrupt and a bankruptcy trustee has been appointed to manage Mr. A's estate. The bankruptcy process involves selling Mr. A's assets to pay off his creditors. As per Section 138(1) of the Insolvency and Bankruptcy Code, 2016, once one year has passed since the bankruptcy commencement date or the committee of creditors has approved the completion of the administration of Mr. A's estate, the bankruptcy trustee is required to apply to ...

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