Compante. [Gh. 31. No. 1.

he will or will not disclaim, and the liquidator has not,
within a period of twent v- eight days after the receipt of the
application or such further period as may be allowed by the
Court, given notice to the applicant that he intends to apply
to the Court for leave to disclaim, and, in the case of a
contract, if the liquidator, after such an application as
aforesaid, does not within the said period or further period
disclaim the contract, the company shall be deemed to have
adopted it.

(5) qT he Court may, on the application of any person
who is, as against the liquidator, entitled to the benefit
or subject to the burden of a contract made with the
company, make an order rescinding the contract on such
terms as fo payment by or to either party of damages for
the non-performance of the contract, or otherwise as the
Court thinks just, and any damages pavable under the
order to any such person may be proved by hink a debt
in the winding up.

(6) The Court may, on an application by any person
who either claims any interest in any disclaimed property or
is under any liability not discharged by this Ordinance in
respect of any diselaimed property and on hearing any such
persons as it thinks fit, make an order for the vesting of the
property in or the delive ry of the property to any persons
entitled thereto, or to whom it may seem just that the
property should be delivered by way of compensation for
such liability as aforesaid, or a trustee for him, and on such
terms as the Court thinks just, and on any such vesting
order being made, the property comprised therein shall vest

‘cordingly in the person therein named in that) behalf
without any conveyance or assignment for the purpose :

Provided that, where the property disclaimed is of a
leaschold nature, the Court shall not make a vesting order
in favour of any person claiming under the company,
whether as under-lessee or as mortgagee by demise, except
upon the terms of making that person—

(a) subject to the same liabilities and obligations as
those to which the company was subject under the
lease in respect of the property at the commencement
of the winding up; or

(b) if the Court thinks fit, subject onlv to the same

T. IV. 31

48]