If you're receiving this with CB you should be for any other extension you attempt to install. The error from Joomla is extremely vague so it's difficult to debug. Are you experiencing this issue with any other extensions? Please review the below thread on Joomla.org concerning this issue. Numerous fix proposals are made which would be worth while to try.
forum.joomla.org/viewtopic.php?p=1163820
A few quotes of user responses as is a very large thread (apparently a very obvious issue with Joomla).
In my case, the solution is very simple: I change temp path from "public_html/tmp" to "/tmp", and it fixes it.
If Joomla only has 'Public permissions' and not 'Ownership permissions' then it is dangerous to alter the 'Public permissions' to get it to work properly.
Turns out Plesk defaulted to Safe Mode on and therefore this caused the JFolder::create: Could not create directory. Permissions, ownership, clearing temp directories, nothing worked. I tried everything, debug mode, owned by Apache, root, 777 everything, nothing worked.
safe mode was the issue and it was easily missed since we didn't do an install. We simply moved the site and created new databases.
I went in through FTP and edited the configuration.php file (back it up first!) to point the temp directory to /tmp. (I stripped out the leading path and left only /tmp.)
There are many more, please review the thread closely.
Please note this problem seams to happen based off HOW you installed Joomla causing default permissions and configuration to be wrong. Some control panels such as Plesk, cPanel, etc... can cause the install to be incorrect. Performing a manual install through FTP upload (this is important so permissions are preserved) then install procedures in Joomla typically avoids such issues.