Section 183
Expeditious disposal of applications.
The Insolvency and Bankruptcy Code, 2016.
About this Act
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
Where an application is not disposed of or order is not
passed within the period specified in this Code, the Debt Recovery Tribunal or the Debt Recovery
Appellate Tribunal, as the case may be, shall record the reasons for not doing so within the period so
specified; and the Chairperson of the Debt Recovery Appellate Tribunal, after taking into account the
reasons so recorded, extend the period specified in this Code, but not exceeding ten days.