HINDUSTAN IDEAL INSURANCE CO. LTD. vs LIFE INSURANCE CORPORATION OF INDIA

The Supreme Court held that under Section 16(2) of the Life Insurance Corporation Act, 1956, it is obligatory for the Central Government to prescribe a specific period within which an insurer must move the Corporation for a reference to the tribunal. The Court clarified that the insurer cannot directly approach the tribunal but must first seek a reference from the Corporation, and that the absence of a prescribed period means the claim cannot be considered time-barred. The tribunal's dismissal of the application was thus set aside, allowing the insurer to move the Corporation once the period is prescribed.