Section 54
Voluntary winding up.
About this Act
An Act to consolidate and amend the law relating to the business of insurance.
Notwithstanding anything contained in the 1[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.
Notes
1. 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).