(1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and-
(a) no application objecting to the disclaimer by the interested person, has been filed with respect to the leasehold interest, within fourteen days of the date on which notice was served; and
(b) where the application objecting to the disclaimer has been filed by the interested person, the Adjudicating Authority has directed under section 163 that the disclaimer shall take effect.
(2) Where the Adjudicating Authority gives a direction under clause (b) of sub-section (1), it may also make order with respect to fixtures, improvements by tenant and other matters arising out of the lease as it may think fit.
Insolvency and Bankruptcy Code 2016
Section 161 Notice to disclaim onerous property
Section 162 Disclaimer of leaseholds
Section 163 Challenge against disclaimed property
Section 164 Undervalued transactions
Section 165 Preference transactions
Section 167 Extortionate credit transactions
Section 168 Obligations under contracts