Section 183 of The Insolvency and Bankruptcy Code, 2016.
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.
Summary
- This provision requires specialized tribunals to handle and resolve all insolvency matters without unnecessary delays.
- It mandates that if an application is not decided or an order is not passed within the specified period, the tribunal must write down its reasons for the delay.
- It empowers the Chairperson of the Debt Recovery Appellate Tribunal to review these recorded reasons and extend the specified resolution window.
- It limits the maximum timeline extension that the Chairperson can grant under this section to ten days.
Practical examples
FAQ
1. What must a tribunal do if it misses a decision deadline under Section 183 of the Insolvency and Bankruptcy Code, 2016?
Under Section 183 of the Insolvency and Bankruptcy Code, 2016, if an application is not disposed of or an order is not passed in time, the Debt Recovery Tribunal or Appellate Tribunal must record the reasons for the delay in writing.
2. Who has the power to extend the decision deadline under Section 183 of the Insolvency and Bankruptcy Code, 2016?
Under Section 183 of the Insolvency and Bankruptcy Code, 2016, the Chairperson of the Debt Recovery Appellate Tribunal has the power to extend the specified period after reviewing the recorded reasons.
3. What is the maximum deadline extension allowed under Section 183 of the Insolvency and Bankruptcy Code, 2016?
Under Section 183 of the Insolvency and Bankruptcy Code, 2016, any extension granted by the Chairperson of the Debt Recovery Appellate Tribunal cannot exceed ten days.
Test yourself
Q1.Under Section 183 of the Insolvency and Bankruptcy Code, 2016, what must the specialized tribunals do if they fail to pass an order or decide a case within the specified period?
Q2.Under Section 183 of the Insolvency and Bankruptcy Code, 2016, who holds the authority to extend the decision-making period for delayed cases?
Q3.Under Section 183 of the Insolvency and Bankruptcy Code, 2016, what is the absolute limit for any time extension granted for disposing of applications?
Q4.How does the timeline extension for resolving applications under Section 183 of the Insolvency and Bankruptcy Code, 2016 compare to the delay condonation period for filing an appeal under Section 181?