https://www.taxtmi.com/caselaws?id=272383 Debts originally owed to insurers and later vested in the Life Insurance Corporation were not exempt from scaling down under the Madras Agriculturists Relief Act. Section 4(e) excluded debts due to a corporation formed under a special Indian law, but the Life Insurance Corporation Act, 1956 merely vested existing insurer assets, liabilities and contracts in the Corporation and did not deem the debts to have been originally due to it. The debts therefore passed to the Corporation with their existing incidents, including liability to be scaled down under the Madras Act. en-us Fri, 22 Apr 1977 00:00:00 +0530 Wed, 02 May 2018 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272383 Debts originally owed to insurers and later vested in the Life Insurance Corporation were not exempt from scaling down under the Madras Agriculturists Relief Act. Section 4(e) excluded debts due to a corporation formed under a special Indian law, but the Life Insurance Corporation Act, 1956 merely vested existing insurer assets, liabilities and contracts in the Corporation and did not deem the debts to have been originally due to it. The debts therefore passed to the Corporation with their existing incidents, including liability to be scaled down under the Madras Act. Case-Laws Indian Laws Fri, 22 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272383