IBC Section 183-Expeditious disposal of applications.
W.e.f., 01.12.2019
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.
If, any person has initiated a frivolous or vexatious proceeding before the Adjudicating Authority under this Part, it may impose upon such person a penalty which shall not be less than one lakh rupees but which may extend to two crore rupees.
1. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2026 notification dated 06.04.2026, effective from 06.04.2026. To view the notification, Click Here