Section 54:
Voluntary winding up.
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).