Disclaimer of onerous property

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..... erty 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 liquidator may, notwithstanding that he has endeavored to sell or has taken possession of the property or exercised any act of ownership in relation thereto or done anything in p .....

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..... ous property or contract if he- (a) is entitled to the benefit or subject to the burden of the contract ; or (b) claims an interest in a disclaimed property or is under a liability not discharged in respect of a disclaimed property. (4) Subject to the order of the Adjudicating Authority approving such disclaimer, the disclaimer shall operate to determine, from the date of disclaimer, the rights .....

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