Deemed discharge

Notwithstanding anything contained in any other law for the time being in force or in any contract or other instrument having the force of law or otherwise,- (a) every debt, together with any interest payable thereon, owed on the commencement of this Act by a debtor, shall be deemed to be wholly discharged, if it is so decided/determined by an order in writing by the Forum or the Tribunal on an application filed under this Act; and (b) every property pledged or mortgaged by a debtor whose debt is deemed to be discharged under clause (a) shall stand released and shall vest in him free from all encumbrances when such debt is deemed to be discharged.