Notwithstanding anything contained in the [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.
Section 54: Voluntary winding up.
The Insurance Act, 1938Central Act · Act 4 of 1938
Where this provision sits
| Act | The Insurance Act, 1938 |
|---|---|
| Section | 54 |
| Marginal note | Voluntary winding up. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 11 of 2003. . 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).
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
- Search 49,000+ Central and State enactments by what a provision says, not by its number
- Jump from any section to every judgment that has applied it
- Search 300 million+ Indian court records alongside the statute
- Ask a research agent to find and read the case law on a provision for you
Free account. No card. About a minute to create.
Create a free accountNeed this as data, not as a page? The Insurance Act, 1938 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.