http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 11
PETITIONER: THE VANGUARD FIRE AND GENERALINSURANCE CO. LTD., MADRAS
Vs.
RESPONDENT: M/S. FRASER AND ROSS AND ANOTHER.
DATE OF JUDGMENT: 04/05/1960
BENCH: WANCHOO, K.N. BENCH: WANCHOO, K.N. GAJENDRAGADKAR, P.B. GUPTA, K.C. DAS
CITATION: 1960 AIR 971 CITATOR INFO : RF 1973 SC 602 (39,40) F 1990 SC 808 (18) RF 1991 SC1289 (16)
ACT: Insurance-Company closing insurance business-Government’s order directing investigation of company’s affairs-Legality" Insurer ", meaning of-Insurer’s liability after closing of business --Extent-" Liabilities not satisfied and not otherwise provided for "General Clauses Act, 1897 (10 of 1897), S. 13-lnsurancc Act, 1938 (4 Of 1938), SS. 2(9), 2D, 7, 9, 33.
HEADNOTE: The appellant company had been carrying on various classes of insurance business other than life insurance after its incorporation in 1941, but in 1956 the shareholders of the company passed a resolution by which all its insurance business was to be closed. Accordingly, on application made by the company to the Controller of Insurance, the certificate granted to it for carrying on insurance business was cancelled with effect from July 1, 1957. in the meantime, complaints against the company were being received by the Government of India, who, thereupon, passed an order on July 17, 1957, under s. 33 of the Insurance Act, 193...