Section 64
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.
(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.
(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.