Lawgist162Disclaimer of leaseholds
(1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and—
(a) no application objecting to the disclaimer by the interested person, has been filed with respect to the leasehold interest, within fourteen days of the date on which notice was served; and
(b) where the application objecting to the disclaimer has been filed by the interested person, the Adjudicating Authority has directed under section 163 that the disclaimer shall take effect.
(2) Where the Adjudicating Authority gives a direction under clause (b) of sub-section (1), it may also make order with respect to fixtures, improvements by tenant and other matters arising out of the lease as it may think fit.
Download our fully-offline, High speed android app.- Click here
- 149 Functions of bankruptcy trustee
- 150 Duties of bankrupt towards bankruptcy trustee
- 151 Rights of bankruptcy trustee
- 152 General powers of bankruptcy trustee
- 153 Approval of creditors for certain acts
- 154 Vesting of estate of bankrupt in bankruptcy trustee
- 155 Estate of bankrupt
- 156 Delivery of property and documents to bankruptcy trustee
- 157 Acquisition of control by bankruptcy trustee
- 158 Restrictions on disposition of property
- 159 After-acquired property of bankrupt
- 160 Onerous property of bankrupt
- 161 Notice to disclaim onerous property
- 162 Disclaimer of leaseholds
- 163 Challenge against disclaimed property
- 164 Undervalued transactions
- 165 Preference transactions
- 166 Effect of order
- 167 Extortionate credit transactions
- 168 Obligations under contracts
- 169 Continuance of proceedings on death of bankrupt
- 170 Administration of estate of deceased bankrupt
- 171 Proof of debt
- 172 Proof of debt by secured creditors
- 173 Mutual credit and set-off
- 174 Distribution of interim dividend
- 175 Distribution of property
- 176 Final dividend
- 177 Claims of creditors
- 178 Priority of payment of debts
