(b) In any action referred to in subsection (a) of this section, the plaintiff or plaintiffs shall be required, upon a motion of the mutual holding company, reorganizing insurer or reorganized insurer or any stock holding company which establishes to the satisfaction of the court, that a substantial likelihood exists that such action is brought without merit and with an intention to delay or harass, to give adequate security for the damages and reasonable expenses, including attorneys' fees, which may be incurred as a result of, or in connection with, such action by such company and by any other defendants in such action or for which such company may become liable, to which security the mutual holding company, reorganizing insurer or reorganized insurer or any stock holding company shall have recourse in such amount as the court determines upon the termination of such action. The amount of security may from time to time be increased or decreased in the discretion of the court upon a showing that the security provided has or may become inadequate or excessive.

(c) Notwithstanding any other provision of law to the contrary, any action seeking a stay, restraining order, injunction or similar remedy to prevent or delay the closing of any transaction pursuant to this article or of any transaction described in the plan of reorganization must be commenced within one hundred twenty days after, as applicable: (1) the approval of a plan of reorganization by the superintendent pursuant to section eight thousand seven or eight thousand nineteen of this article, as the case may be; or (2) the approval of the superintendent pursuant to section eight thousand twenty of this article.

(d) Any action or proceeding against the superintendent or any other governmental body or officer in connection with any act taken or order, regulation or rule issued pursuant to this article must be commenced within one hundred twenty days from the date of such act or signing of such order, regulation or rule.

(e) Any person aggrieved by any act taken or order, regulation or rule issued pursuant to this article may petition for judicial review in the manner provided by article seventy-eight of the civil practice law and rules, pursuant to the limitations period prescribed in subsection (d) of this section. The petition shall be brought in the judicial department embracing the county wherein the act was taken or the order, regulation or rule was issued. All such proceedings shall be heard and determined as expeditiously as possible and with lawful precedence over other matters. Acts taken or orders, regulations or rules issued pursuant to this article shall not be stayed or enjoined except upon application after notice to the superintendent and to the attorney general and upon a showing that the petitioner has a substantial likelihood of success and will suffer irreparable harm if the stay or injunction is not granted.