Section 198
Condonation of delay.
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.
Notwithstanding anything contained in this Code, where the Board
does not perform any act within the period specified under this Code, the relevant Adjudicating Authority
may, for reasons to be recorded in writing, condone the delay.