Section 183 of Insolvency and Bankruptcy Code, 2016 (IBC): Expeditious disposal of applications

The Insolvency and Bankruptcy Code, 2016

Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

Chapter-VI Adjudicating Authority for Individuals and Partnership Firms

Section 183: Expeditious disposal of applications.

*183. 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.


Reference

*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.


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