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of <h1>Clause 333: Liquidators Can Disclaim Burdensome Property in Company Wind-Up with Tribunal Approval, Protecting Rights of Others.</h1> Clause 333 of the Companies Bill, 2011, addresses the disclaimer of onerous property during a company's winding up. It allows a Company Liquidator, with Tribunal approval, to disclaim burdensome property such as land with onerous covenants, unsellable shares, or unprofitable contracts within twelve months of winding up. The disclaimer nullifies the company's rights and liabilities regarding the property but does not affect others' rights. The Tribunal may impose conditions or rescind contracts. If a person claims interest in disclaimed property, the Tribunal can order its vesting under fair terms. Affected parties can claim compensation as creditors in the winding up.
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