Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Leasehold property disclaimed in winding up: under-lessees and mortgagees must elect u/s333(6) or lose interests</h1> Where a company has disclaimed leasehold property in winding up and an application is made under section 333(6) to vest the property, the Tribunal may require notice to be given to any under-lessee, mortgagee, or holder of a charge by way of demise claiming under the company, calling on them to elect within a fixed time to accept the lease and apply for a vesting order on the statutory terms and any further terms the Tribunal considers just; failing such election and application, they are excluded from all interest in and security upon the property. The Tribunal may adjourn the vesting application to add and serve such persons, and after expiry of the time may vest the property in the applicant or other entitled person while extinguishing the non-electing party's interest or security; prescribed forms apply for notice and vesting orders.
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