Supreme Court of India · 1963-10-18
THE GENERAL ASSURANCE SOCIETY LTD. vs THE LIFE INSURANCE CORPORATION OF INDIA
- Citation / case number
- SC 1961/189
- Court
- Supreme Court of India
- Petitioner
- THE GENERAL ASSURANCE SOCIETY LTD.
- Respondent
- THE LIFE INSURANCE CORPORATION OF INDIA
- Author
- GAJENDRAGADKAR, P.B.,SUBBARAO, K.,WANCHOO, K.N.,SHAHC.,DAYAL, RAGHUBAR
- Bench
- GAJENDRAGADKAR, P.B.,SUBBARAO, K.,WANCHOO, K.N.,SHAH, J.C.,DAYAL, RAGHUBAR
Judgment text excerpt
The Supreme Court held that under Section 7(1) of the Life Insurance Corporation Act, 1956, the Tribunal had jurisdiction to determine disputes regarding compensation and set-off related to the controlled business. The Court clarified that the definition of 'assets and liabilities' includes unclaimed dividends, which statutorily vested in the respondent. The Tribunal's decision to deny interest on compensation was upheld, affirming that the claim for set-off is covered under Rule 12A of the Life Insurance Corporation Rules, 1956.