C.T. Ravi Kumar, J.

1. The captioned appeal filed against the judgment of a learned Single Judge in W.P.(C) No. 30018 of 2009 and the review petition in W.A. No. 2712 of 2009 came up for consideration before us on a reference made by a Division Bench of this court as per order dated 28.10.2014. Section 44 of the Insurance Act, 1938 (for short 'the Act') was made applicable to Life Insurance Corporation of India (LIC) in terms of Government of India notification GSR 262(E) dated 24.7.1972 which virtually amended the modification effected earlier by GSR 734 dated 23.8.1958. Section 43 of the Life Insurance Corporation Act deals with the application of the Insurance Act and as per sub-section (2) therein the Central Government shall, as soon as may be after the commencement of the Life Insurance Corporation Act, by notification in the Official Gazette, direct that certain sections specifically mentioned therein, including Section 44, of the Insurance Act shall apply to the Corporation subject to such conditions and modifications as may be specified in the notification. Obviously, the aforementioned Government of India notification GSR 262(E) dated 24.7.1972 was issued in terms