IBC 64 — Expeditious disposal of applications

Insolvency & Bankruptcy Code, 2016

Statutory text

(1) Where an application is not disposed of or an order is not passed within the period specified in this Code, the National Company Law Tribunal or the National
Company Law Appellate Tribunal, as the case may be, shall record the reasons for not doing so within the period so specified; and the  President of the  National Company Law Tribunal or the  Chairperson of the National  Company  Law  Appellate  Tribunal,  as  the  case  may  be,  may,  after  taking  into  account  the reasons so recorded, extend the period specified in the Act but not exceeding ten days.
(2) No injunction shall be granted by any court, tribunal or authority in respect of any action taken, or to be taken, in pursuance of any power conferred on the National Company Law Tribunal or the National Company Law Appellate Tribunal under this Code.

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