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of <h1>Section 64 of Insolvency Code: NCLT and NCLAT Must Record Delays, Extensions Permitted Up to Ten Days</h1> Section 64 of the Insolvency and Bankruptcy Code, 2016 mandates that the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) must record reasons if they fail to dispose of applications or pass orders within the specified period. The President or Chairperson may extend this period by up to ten days. Courts cannot issue injunctions against actions taken under the powers conferred on NCLT or NCLAT. Adherence to timelines is crucial, as emphasized in relevant case laws like Arcelormittal India Pvt. Ltd. vs. Satish Kumar Gupta and Mobilox Innovations Pvt. Ltd. vs. Kirusa Software Pvt. Ltd.
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