Judgment

SUBBA RAO, J. : This appeal by special leave is directed against the order of the Life Insurance Tribunal, hereinafter called the "Tribunal", determining the dispute that was referred to it under S. 16 of the Life Insurance Corporation Act. 1956 (31 of 1956), hereinafter called the Act.

2. The appellant is a company duly incorporated under the Indian Companies Act, 1882, and the Insurance Act, 1938. Prior to December 1957, its registered office was at Ajmer, but now it is in Calcutta. It was a composite insurer carrying on life insurance and general insurance business. The Act was passed to provide for the nationalization of life insurance business in India by transferring all such business to a Corporation established for the purpose. The Act came into force on July 1, 1956. On September 1, 1956, under S. 3 of the Act the Central Government established a Corporation called the Life Insurance Corporation of India, hereinafter called the Corporation, which is the respondent in this appeal. Under S. 7 of the Act on the appointed day, which was September 1, 1956 all the assets and liabilities appertaining to the controlled business of all insurers were statutorily transferred t