Onerous property of bankrupt.

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..... he estate of the bankrupt. (2) The bankruptcy trustee may give the notice under sub-section (1) notwithstanding that he has taken possession of the onerous property, endeavoured to sell it or has exercised rights of ownership in relation to it. (3) A notice of disclaimer under sub-section (1) shall- (a) determine, as from the date of such notice, the rights, interests and liabilities of t .....

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..... this section, the term onerous property means- (i) any unprofitable contract; and (ii) any other property comprised in the estate of the bankrupt which is unsaleable or not readily saleable, or is such that it may give rise to a claim. *********** Notes:- 1. Come into the force w.e.f. 01-12-2019 [F. No. 30/21/2018-Insolvency Section]. S.O. 4126(E) Dated 1 .....

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