Section 38
Liquidation of Corporation.
The Life Insurance Corporation Act, 1956
About this Act
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
No provision of law relating to the winding up of companies or
corporations shall apply to the corporation established under this Act, and the Corporation shall not be
placed in liquidation save by order of the Central Government and in such manner as that Government
may direct.