Custodian receipt of insurance tax refunds required after government takeover; refunds must be received by appointed custodians. Refunds due to general insurance companies after government takeover are to be made to the insurer but received on its behalf by the custodian appointed under the General Insurance (Emergency Provisions) Act, 1971; the government's vesting of management includes the right to deal with property and institute legal proceedings, and the procedure applied in the case of nationalised banks is not applicable here.
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Provisions expressly mentioned in the judgment/order text.
Custodian receipt of insurance tax refunds required after government takeover; refunds must be received by appointed custodians.
Refunds due to general insurance companies after government takeover are to be made to the insurer but received on its behalf by the custodian appointed under the General Insurance (Emergency Provisions) Act, 1971; the government's vesting of management includes the right to deal with property and institute legal proceedings, and the procedure applied in the case of nationalised banks is not applicable here.
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