Section 10(1) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(1)Where any part of the property of a corporate debtor 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 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 pursuance of the contract, make an application to the Adjudicating Authority within six months from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to disclaim the property or contract.
