law: Companies Act, 2013 
  333.
  
    Disclaimer
  
  of onerous property. 
  
  1.      Where any part of the
  
  property of a company which is being wound up consists of—
  a.     
  
    land
  
  of any tenure, burdened with onerous covenants;
  b.    
  
    shares
  
  or stocks in companies;
  c.     
  
    any
  
  other property which is not saleable or is not readily saleable by reason of
  
  the possessor thereof being bound either to the performance of any onerous act
  
  or to the payment of any sum of money; or
  d.    
  
    unprofitable
  
  contracts, the Company Liquidator may, notwithstanding that he has endeavoured
  
  to sell or has taken possession of the property or exercised any act of
  
  ownership in relation thereto or done anything in pursuance of the contract,
  
  with the leave of the Tribunal and subject to the provisions of this section,
  
  by writing signed by him, at any time within twelve months after the
  
  commencement of the winding up or such extended period as may be allowed by the
  
  Tribunal, disclaim the property:
  Provided
  
  that where the Company Liquidator had not become aware of the existence of any
  
  such property within one month from the commencement of the winding up, the 
  
  power of disclaiming the property may be exercised at any time within twelve
  
  months after he has become aware thereof or such extended period as may be
  
  allowed by the Tribunal.
  1.     
  2.      The disclaimer shall
  
  operate to determine, as from the date of disclaimer, the rights, interest and
  
  liabilities of the company in or in respect of the property disclaimed, but
  
  shall not, except so far as is necessary for the purpose of releasing the
  
  company and the property of the company from liability, affect the rights,
  
  interest or liabilities of any other person.
  3.      The Tribunal, before
  
  or on granting leave to disclaim, may require such notices to be given to
  
  persons interested, and impose such terms as a condition of granting leave, and
  
  make such other order in the matter as the Tribunal considers just and proper.
  4.      The Company
  
  Liquidator shall not be entitled to disclaim any property in any case where an
  
  application in writing has been made to him by any person interested in the
  
  property requiring him to decide whether he will or will not disclaim and the
  
  Company Liquidator has not, within a period of twenty-eight days after the
  
  receipt of the application or such extended period as may be allowed by the
  
  Tribunal, give notice to the applicant that he intends to apply to the Tribunal
  
  for leave to disclaim, and in case the property is under a contract, if the
  
  Company Liquidator after such an application as aforesaid does not within the
  
  said period or extended period disclaim the contract, he shall be deemed to
  
  have adopted it.
  5.      The Tribunal may, on
  
  the application of any person who is, as against the Company Liquidator,
  
  entitled to the benefit or subject to the burden of a contract made with the
  
  company, make an order rescinding the contract on such terms as to payment by
  
  or to either party of damages for the non-performance of the contract, or
  
  otherwise as the Tribunal considers just and proper, and any damages payable
  
  under the order to any such person may be proved by him as a debt in the winding
  
  up.
  6.      The Tribunal may, on
  
  an application by any person who either claims any interest in any disclaimed
  
  property or is under any liability not discharged under this Act in respect of
  
  any disclaimed property, and after hearing any such persons as it thinks fit,
  
  make an order for the vesting of the property in, or the delivery of the
  
  property to, any person entitled thereto or to whom it may seem just that the
  
  property should be delivered by way of compensation for such liability as
  
  aforesaid, or a trustee for him, and on such terms as the Tribunal considers
  
  just and proper, and on any such vesting order being made, the property
  
  comprised therein shall vest accordingly in the person named therein in that
  
  behalf without any conveyance or assignment for the purpose:
  Provided
  
  that where the property disclaimed is of a leasehold nature, the Tribunal shall
  
  not make a vesting order in favour of any person claiming under the company,
  
  whether as under-lessee or as mortgagee or holder of a charge by way of demise,
  
  except upon the terms of making that person—
  a.     
  
    subject
  
  to the same liabilities and obligations as those to which the company was
  
  subject under the lease in respect of the property at the commencement of the
  
  winding up; or
  b.    
  
    if
  
  the Tribunal thinks fit, subject only to the same liabilities and obligations
  
  as if the lease had been assigned to that person at that date, and in either
  
  event as if the lease had comprised only the property comprised in the vesting
  
  order, and any mortgagee or under-lessee declining to accept a vesting order
  
  upon such terms shall be excluded from all interest in, and security upon the
  
  property, and, if there is no person claiming under the company who is willing
  
  to accept an order upon such terms, the Tribunal shall have power to vest the
  
  estate and interest of the company in the property in any person liable, either
  
  personally or in a representative character, and either alone or jointly with
  
  the company, to perform the covenants of the lessee in the lease, free and
  
  discharged from all estates, encumbrances and interests created therein by the
  
  company.
  1.     
  2.     
  3.     
  4.     
  5.     
  6.     
  7.      Any person affected
  
  by the operation of a disclaimer under this section shall be deemed to be a
  
  creditor of the company to the amount of the compensation or damages payable in
  
  respect of such effect, and may accordingly prove the amount as a debt in the
  
  winding up.