NATIONAL INSURANCE CO. LTD. vs LIFE INSURANCE CORPORATION OF INDIA

The Supreme Court interpreted Section 2(3) and Section 7(1) of the Life Insurance Corporation Act, 1956, determining that capital redemption business and annuity certain business are included in the definition of 'controlled business' even for composite insurers. The Court held that the assets and liabilities related to these businesses vest in the Life Insurance Corporation, affirming the Tribunal's decision in favor of the Corporation. The appeal by the appellant company was dismissed.