The Life Insurance Corporation Act,1956
9. General effect of vesting of controlled business –
(1) Unless otherwise expressly provided by or under this Act, all contracts, agreement and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which an insurer whose controlled business has been transferred to an vested in the Corporation is a party or which are in favour of such insurer shall in so far as they relate to the controlled business of the insurer be of as full force and effect against or in favour of the Corporation, as the case may be, and may be enforced or acted upon as fully and effectually as if , instead of the insurer, the Corporation had been a party thereto as if they had been entered into or issued in favour of the Corporation.
If on the appointed day any suit. Appeal or other legal proceeding of whatever nature is pending by or against an insurer, then, in so far as it related to his controlled business, it shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Corporation of the business of the insurer or of anything done under this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Corporation.
The Life Insurance Corporation Act, 1956
