(1) No notice of disclaimer under section 160 shall be necessary if-
(a) a person interested in the onerous property has applied in writing to the bankruptcy trustee or his predecessor requiring him to decide whether the onerous property should be disclaimed or not; and
(b) a decision under clause (a) has not been taken by the bankruptcy trustee within seven days of receipt of the notice.
(2) Any onerous property which cannot be disclaimed under sub-section (1) shall be deemed to be part of the estate of the bankrupt.
Explanation.-For the purposes of this section, an onerous property is said to be disclaimed where notice in relation to that property has been given by the bankruptcy trustee under section 160.
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