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    Question

    According to the General Insurance Business

    (Nationalisation) Act, which statement is true regarding the winding up of the Corporation or an acquiring company?
    A The Corporation and acquiring companies are subject to general laws regarding company winding up Correct Answer Incorrect Answer
    B The Corporation or an acquiring company can only be liquidated by the Central Government's order Correct Answer Incorrect Answer
    C The Corporation can be liquidated by any court order Correct Answer Incorrect Answer
    D Winding up provisions apply equally to the Corporation and acquiring companies Correct Answer Incorrect Answer
    E The Corporation is subject to liquidation without the Central Government's intervention Correct Answer Incorrect Answer

    Solution

    Explanation:Section 33.   Dissolution of Corporation and acquiring companies: No provision of  law  relating  to  the  winding  up  of  companies  shall  apply  to  the  Corporation  or  to  an acquiring company, and neither the Corporation nor any such company shall be placed in liquidation save by order of the Central Government and in such manner as it may direct.

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