Judgment

HIDAYATULLAH, J. : This is an appeal against the order of the Life Insurance Tribunal, Nagpur, dated December 12, 1952 by which a dispute about compensation payable to the National Insurance Company by the Life Insurance Corporation on the taking over of the life business of the former was decided. The National Insurance Company is the appellant and the Life Insurance Corporation is the respondent. Another appeal was filed by the Life Insurance Corporation against the same order but was not pressed at the hearing.

2. The National Insurance Company carried on life insurance business in addition to other insurance business and was what the Life Insurance Corporation Act 1956 (31 of 1956) describes as a "composite insurer". The Life Insurance Corporation Act was passed in 1956 to nationalise the life insurance business of all insurers by transferring all such business to a Corporation established for the purpose. This Corporation is the well-known Life Insurance Corporation. Under the Act a distinction was made between controlled business and other insurance business carried on by Insurance Companies. Controlled business meant life insurance business and on and from a date