Section 127 of The Insolvency and Bankruptcy Code, 2016. in hindi
Validity of bankruptcy order.
Summary
- A bankruptcy order passed by the court under Section 126 remains legally active and in full force over the debtor.
- The legal validity of this bankruptcy order does not expire automatically through a fixed passage of time.
- The final termination of the bankruptcy order's effect occurs only when the court grants a formal discharge order to the debtor under Section 138.
- This provision directly links the commencement of the order's effect under Section 126 to its legal conclusion under Section 138.
Practical examples
FAQ
1. How long does a bankruptcy order remain valid under Section 127 of the Insolvency and Bankruptcy Code, 2016?
Under Section 127 of the Insolvency and Bankruptcy Code, 2016, a bankruptcy order continues to have effect until the debtor is officially discharged under Section 138.
2. Does a bankruptcy order under Section 127 of the Insolvency and Bankruptcy Code, 2016 expire automatically after a set time?
No, under Section 127 of the Insolvency and Bankruptcy Code, 2016, the order does not expire on a fixed calendar date and remains active until the debtor receives a discharge order.
3. What legal action brings an end to the effect of a bankruptcy order under Section 127 of the Insolvency and Bankruptcy Code, 2016?
Under Section 127 of the Insolvency and Bankruptcy Code, 2016, the passing of a discharge order under Section 138 is the legal event that terminates the effect of the bankruptcy order.
Test yourself
1.Under Section 127 of the Insolvency and Bankruptcy Code, 2016, what specific event marks the end of the validity and effect of a bankruptcy order?
2.Under Section 127 of the Insolvency and Bankruptcy Code, 2016, which section governs the passing of the discharge order that terminates the bankruptcy order's effect?
3.Under Section 127 of the Insolvency and Bankruptcy Code, 2016, a bankruptcy order passed under Section 126:
4.Under Section 127 of the Insolvency and Bankruptcy Code, 2016, what is the relationship between the bankruptcy order passed under Section 126 and the discharge order under Section 138?