LawgistThe Insurance Act
54Voluntary winding up
Notwithstanding anything contained in the 1[Companies Act, 1956 (1 of 1956)], an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.
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1. Subs. by Act 11 of 2003, s. 133 and the Schedule, for "Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 1-4-2003).
WINDING UP
- 53 Winding up by the Court
- 53A Unpaid-up share capital
- 54 Voluntary winding up
- 55 Valuation of liabilities
- 56 Application of surplus assets of life insurance fund in liquidation or insolvency
- 57 Winding up of secondary companies
- 58 Schemes for partial winding up of insurance companies
- 59 [Omitted.]
- 60 Notice of policy values
- 61 Power of Court to reduce contracts of insurance
- 61A Appeal to National Company Law Appellate Tribunal
