(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.
Insolvency and Bankruptcy Code 2016
Section 61 Appeals and Appellate Authority
Section 62 Appeal to Supreme Court
Section 63 Civil court not to have jurisdiction
Section 64 Expeditious disposal of applications
Section 65 Fraudulent or malicious initiation of proceedings
Section 66 Fraudulent trading or wrongful trading
Section 67 Proceedings under section 66
CHAPTER VII OFFENCES AND PENALTIES
Section 68 Punishment for concealment of property
Section 69 Punishment for transactions defrauding creditors
Section 70 Punishment for misconduct in course of corporate insolvency resolution process