Part III
DISCLAIMER
162. Vesting of disclaimed property. -
(1) Where the disclaimed propertyis a leasehold interest and an application is made under sub-section (6) of section 333 for an order vesting the property in any person and itappears that there is an under- lessee or mortgagee or holder of a chargeby way of demise in respect of such property, claiming under thecompany, the Tribunal may direct that notice shall be given to such under-lessee, mortgagee or holder of charge, that if he does not elect toaccept and apply for a vesting order upon the terms required by theabovementioned sub-section and such other terms as the Tribunal maythink just, within a time to be fixed by the Tribunal and stated in thenotice, he will be excluded from all interest in and security upon theproperty and the Tribunal may adjourn the application for such notice tobe given and for such under-lessee, mortgagee or holder of charge, to beadded as a party to and served with a copy of the application, and to make,if he deem fit, such election and application as is mentioned in the notice,and if at the expiration of the time so fixed by the Tribunal, such underlessee,mortgagee or holder of charge, fails to make such election andapplication, the Tribunal, may make an order vesting the property in theapplicant or other person who, in the opinion of the Tribunal, may be entitled thereto, and excluding such under-lessee, mortgagee or holder ofcharge, from all interest in or security upon the property.
(2) An order requiring parties interested in a disclaimed lease to apply fora vesting order or to be excluded from all interest in the lease shall be inForm WIN 87, and an order vesting lease and excluding persons who havenot elected to apply, shall be in Form WIN 88.