Vesting of disclaimed leasehold property: notice and election mechanism enables vesting and exclusion of non electing parties.

Rule 162 prescribes that when a disclaimed leasehold interest is the subject of an application under section 333(6) for a vesting order, the Tribunal may direct notice to any under lessee, mortgagee or holder of a charge claiming under the company, fix a time for them to elect and apply for vesting on terms required by section 333(6) and such other terms as the Tribunal thinks just, adjourn to add and serve such parties, and, if they fail to elect within the time fixed, vest the property in the applicant or other person and exclude the non electing parties from all interest or security in the property; Forms WIN 87 and WIN 88 are prescribed for these orders.

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