In the present case however the insurer had directly moved the Tribunal.
The Corporation made an offer of this amount to the Company in full satisfaction of the companypensation payable to it.
The Corporation further stated in its letter that the part of the paid up capital of the Company and assets representing such part which have been allocated to the life business of the Company in accordance with s. 18 of the Life Insurance Corporation Rules, 1956 hereinafter called the Rules amounts to Rs.
The insurer obtained special leave from this Court to appeal against the judgment of the Tribunal and under that leave has presented this appeal.
Appeal by special leave from judgment and order dated February 17, 1958, of the Court of Life Insurance Tribunal, Nagpur, in case No.
The following Judgments were delivered.
The Judgment of Subba Rao and Mudholkar, JJ was delivered by Mudholkar, J. SARKAR J. The Andhra Insurance Company Ltd., hereafter called the insurer, carried on life insurance and other insurance business.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The insurer thereupon became entitled to companypensation from the Life Insurance Corporation under s. 16 of the Act.
K. B. Naidu, for the appellant.
On September 1, 1956, the life insurance business of the insurer became vested in the Life Insurance Corporation of India under the provisions of the Life Insurance Corporation Act, 1956.
82 of 1960.
16/ XVIA of 1957.
By the letter making the offer, the Corporation claimed various deductions.
It is number necessary for the purpose of this appeal to refer to these disputes.
April 12.
On August 6, 1957, the insurer made an application to the Tribunal which had been companystituted on May 25, 1957 for an order for re assessment of the companypensation payable to it.
T. Desai, S. J. Banaji and V. L. Hathi, for the respondent, 1962.
On September 21, 1957 the Company lodged its statement of claim before the Tribunal.
On February 19, 1957, the Corporation having determined the amount of the companypensation and obtained the Central Governments approval made an offer of it to the insurer as provided in s. 16.
After the leave was granted, the insurer amalgamated with another companypany called the Hindustan Ideal insurance Company Ltd. and the latter companypany was substituted as the appellant in the place of the insurer.
