[Section 422 notified w.e.f. 01.06.2016 vide Notification No. S. O. 1934 (E) dated 01.06.2016]
Section 422- Expeditious disposal by Tribunal and Appellate Tribunal. [Corresponds to Section 10FQ of the Companies Act, 1956]
(1) Every application or petition presented before the Tribunal and every appeal filed before the Appellate Tribunal shall be dealt with and disposed of by it as expeditiously as possible and every endeavour shall be made by the Tribunal or the Appellate Tribunal, as the case may be, for the disposal of such application or petition or appeal within three months from the date of its presentation before the Tribunal or the filing of the appeal before the Appellate Tribunal.
(2) Where any application or petition or appeal is not disposed of within the period specified in subsection (1), the Tribunal or, as the case may be, the Appellate Tribunal, shall record the reasons for not disposing of the application or petition or the appeal, as the case may be, within the period so specified; and the President or the Chairperson, as the case may be, may, after taking into account the reasons so recorded, extend the period referred to in sub-section (1) by such period not exceeding ninety days as he may consider necessary.