The discharge order under sub-section (2) of section 138 shall release the bankrupt from all the bankruptcy debts:
Provided that a discharge shall not –
(a) affect the functions of the bankruptcy trustee; or
(b) affect the operation of the provisions of Chapter IV and V of Part III:
(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.