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of <h1>Section 333: Liquidator can disclaim onerous property, end company liability, while protecting others' rights in winding up</h1> Section 333 permits the Company Liquidator, with Tribunal leave, to disclaim onerous or unprofitable property (including burdened land, unsaleable property, shares, or unprofitable contracts) within prescribed time limits, thereby terminating the company's rights, interests, and liabilities in that property while preserving others' rights except as needed to release the company. Interested persons may compel a timely decision on disclaimer, failing which contracts may be deemed adopted. The Tribunal may rescind contracts, award damages provable as debts, and vest disclaimed property in appropriate persons on just terms, including imposing lease obligations on claimants. Persons adversely affected by disclaimer are treated as creditors for compensation or damages in the winding up.
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