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of <h1>Regulation 29: Bankruptcy Trustee Must Notify Intent to Disclaim Onerous Property, File Within 3 Days with Authority.</h1> Regulation 29 of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 addresses the disclaimer of onerous property. It mandates that the bankruptcy trustee must notify the bankrupt and interested parties about the intention to disclaim onerous property at least seven days before issuing a formal notice. This notification must include details of the property and interested parties. The notice must be filed with the Adjudicating Authority within three days. An application regarding the disclaimer must be made within thirty days of awareness or notice, whichever is earlier. Interested parties include those claiming an interest, liable parties, or occupants of a dwelling house.
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