(1)

The Tribunal may order the winding up in accordance with the Companies Act, 1956 (1 of 1956) of any insurance company and the provisions of that Act shall, subject to the provisions of this Act, apply accordingly.

Explanation.—For the purpose of sections 53 to 61A, "Tribunal " means the National Company Law Tribunal constituted under sub-section (1) of section 408 of the Companies Act, 2013 (18 of 2013).

(2)

In addition to the grounds on which such an order may be based, the Tribunal may order the winding up of an insurance company-

(a) if with the sanction of the Tribunal previously obtained a petition in this behalf is presented by shareholders not less in number than one tenth of the whole body of shareholders and holding not less than one-tenth of the whole share capital or by not less than fifty policy-holders holding policies of life insurance that have been in force for not less than three years and are of the total value of not less than fifty thousand rupees; or

(b) if the Authority, who is hereby authorised to do so, applies in this behalf of the Tribunal on any of the following grounds, namely:-