§ 59 — Adjustment of rights and obligations for terminated contract

59.—(1) C may seek to adjust the rights and obligations of the parties and their assignees under the terminated contract in accordance with Division 2.(2) For the purpose of subsection (1) —(a)

sections 45 to 48 apply, with each reference to A read as a reference to C, and each reference to B read as a reference to any other party to the terminated contract;

(b)

the ground of objection in section 46(2)(a) that the contract is of national interest is omitted;

(c)

despite section 48(1), C may withdraw its notice of negotiation at any time before the date of determination by an adjustment relief assessor concerning whether C satisfies the requirements of Part 3 of the Second Schedule, by serving the notice of withdrawal of the notice of negotiation in the manner described in section 48(1); and

(d)

despite section 48(3), any other party or its assignee (as the case may be) may withdraw its notice of objection at any time before the date of determination by an adjustment relief assessor concerning whether there is any valid ground of objection to C’s notice of negotiation, by serving and lodging the notice of withdrawal in the manner described in section 48(3).

(3) To avoid doubt, the fact that the specified contract is terminated under any other written law or rule of law before section 45 can be applied does not prevent sections 45 to 48 (as modified) from applying to C, and the other parties and their assignees to the terminated contract.

(4) To avoid doubt, where a notice under Division 2 is served or lodged before the specified contract is terminated as mentioned in section 43(6), those notices are treated as if they had been served or lodged for the purposes of this Division.[Act 37 of 2020 wef 14/01/2021]

—(1) C may seek to adjust the rights and obligations of the parties and their assignees under the terminated contract in accordance with Division 2.

(2) For the purpose of subsection (1) —(a)

sections 45 to 48 apply, with each reference to A read as a reference to C, and each reference to B read as a reference to any other party to the terminated contract;

(b)

the ground of objection in section 46(2)(a) that the contract is of national interest is omitted;

(c)

despite section 48(1), C may withdraw its notice of negotiation at any time before the date of determination by an adjustment relief assessor concerning whether C satisfies the requirements of Part 3 of the Second Schedule, by serving the notice of withdrawal of the notice of negotiation in the manner described in section 48(1); and

(d)

despite section 48(3), any other party or its assignee (as the case may be) may withdraw its notice of objection at any time before the date of determination by an adjustment relief assessor concerning whether there is any valid ground of objection to C’s notice of negotiation, by serving and lodging the notice of withdrawal in the manner described in section 48(3).

(3) To avoid doubt, the fact that the specified contract is terminated under any other written law or rule of law before section 45 can be applied does not prevent sections 45 to 48 (as modified) from applying to C, and the other parties and their assignees to the terminated contract.

(4) To avoid doubt, where a notice under Division 2 is served or lodged before the specified contract is terminated as mentioned in section 43(6), those notices are treated as if they had been served or lodged for the purposes of this Division.[Act 37 of 2020 wef 14/01/2021]