Section 160 of IBC : Section 160: Onerous Property Of Bankrupt
IBC
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Explanation using Example
Imagine John, who has recently been declared bankrupt, owns a large piece of commercial real estate that has significantly declined in value and is costing more in maintenance than it could generate in rent. This property is considered onerous as it is a financial burden with no foreseeable profitable use.
The bankruptcy trustee, appointed to manage John's estate, decides that retaining t...
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