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of <h1>Liquidator Can Disclaim Onerous Property Under Regulation 10 of Insolvency and Bankruptcy Board for Corporate Debtors</h1> Regulation 10 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, allows a liquidator to disclaim onerous property or contracts of a corporate debtor. This includes land with burdensome covenants, shares, unsaleable property, or unprofitable contracts. The liquidator must apply to the Adjudicating Authority within six months from liquidation commencement to disclaim such property. Interested parties must be notified seven days prior to the application. The disclaimer, once approved, releases the corporate debtor from liabilities associated with the property. Affected parties are considered creditors for compensation claims under section 53(1)(f).
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