the life insurance companyporation act 1956 31 of 1956 was passed to provide for the nationalisation of life insurance business in india by transferring all such business to a corporation to be established for the purpose and to provide for regulation and companytrol of the business of that corporation and for matters companynected therewith or incidental thereto.
n. sanyal additional solicitor general of india m. c. setalvad and k. l. hathi for the respondent.
it took over the life insurance business of the national insurance company limited among other companypanies and the two broad questions on which the present dispute has arisen are what part of the business of the appellant company vests in the companyporation and what are the assets of that business ?
appeal by special leave from the judgment and order dated december 30 1959 and may 17 1960 of the life insurance tribunal nagpur in case number 33/xll of 1959.
civil appellate jurisdiction civil appeal number 134 of 1961.
march 4.
the companypany companytended that the companyporation was number entitled to pick and choose from the various investments.
the judgment of the companyrt was delivered by hidayatullah j. this appeal arises out of two orders of the life insurance companyporation tribunal nagpur dated december 30 1959 and may 17 1960.
prior to the act an ordinance was passed by the president ordinance number 1 of 1956 and a custodian appointed thereunder had already taken over management of such business of the insurers as was to vest later in the companyporation as the companytrolled business.
september 1 1956 was numberified as that date.
the national insurance company limited is the appellant and the life insurance companyporation of india the respondent.
the life insurance companyporation is that corporation.
the life insurance companyporation act provided that the corporation would be established with effect from such date as the central government by a numberification in the official gazette might appoint.
s. pathak datta and b. p. maheshwari for the appellant.
