Section 50: Claims on undetermined or contingent liability

1)  Except as set forth in Section 48, any claim on any liability of an undetermined value which has resulted from any loss caused by the company or from any compensation to be paid by the company to anyone as a result of its failure to comply with any contract or for having violated any contract, or from any other action which creates a civil obligation, or any claim on any contingent obligation of the company whose value is yet to be determined but which has resulted from the failure of a debtor to fulfil any obligation for which the company has provided guarantee under any guarantee agreement may be presented pursuant to sub-section (1) of Section 48.

2) Where a claim is received pursuant to sub-section (1), the restructuring manager or liquidator shall either accept or reject such claim pursuant to sub-section (3) of Section 48 and give notice thereof pursuant to sub-section (4) of the said Section.

3) Where such claim is accepted pursuant to sub-section (2), the restructuring manager or liquidator shall also determine the estimated value of such claim.

4) Notwithstanding anything contained in sub-section (3), the restructuring manager or liquidator may make an application to the Court to have the value of such claim determined, and where a petition is so made, the Court shall determine the estimated value of such claim.

5) Any person who is not satisfied with the decision to reject the claim pursuant to sub-section (2) or with the value of such claim determined pursuant to sub-section (3) may make a complaint to the Court within fifteen days from the date of receipt of the notice thereof.