Section 15 of The General Insurance Business (Nationalisation) Act, 1972
Where a claim to the amount payable under section 11 is made by two or more persons adversely to one another, the corporation may cause the amount to be deposited in any civil court having jurisdiction in that behalf and the court shall decide as to whom the payment shall be made.
Summary
- If different people make competing claims for the same compensation money, the Corporation can hand the problem to a court.
- The Corporation deposits the disputed amount into a civil court that has the authority to handle the matter.
- The money involved is the specific amount determined for shares or undertakings under Section 11 of the law.
- Once the money is deposited, the civil court is responsible for deciding who should legally receive the payment.
- This process allows the insurance reorganization to proceed without the Corporation having to settle private ownership disputes.
Practical examples
FAQ
1. What does Section 15 of the General Insurance Business (Nationalisation) Act, 1972 say about rival claims?
Section 15 of the General Insurance Business (Nationalisation) Act, 1972 allows the Corporation to deposit disputed compensation amounts into a civil court for a final decision.
2. Which court receives the money if there is a dispute under Section 15 of the General Insurance Business (Nationalisation) Act, 1972?
The money is deposited into any civil court that has the proper jurisdiction (legal power) to hear the case, according to Section 15 of the Act.
3. Does Section 15 of the General Insurance Business (Nationalisation) Act, 1972 cover all types of payments?
Section 15 of the Act specifically refers to the amounts payable under Section 11, which are the amounts for the transfer and vesting of shares or undertakings.
4. Who makes the final decision on a disputed claim under Section 15 of the General Insurance Business (Nationalisation) Act, 1972?
The civil court where the money was deposited is responsible for deciding who the payment should be made to, as stated in Section 15 of the 1972 Act.
Test yourself
Q1.Under Section 15 of the General Insurance Business (Nationalisation) Act, 1972, what triggers the deposit of money into a court?
Q2.Section 15 of the General Insurance Business (Nationalisation) Act, 1972 refers to money payable under which other section?
Q3.Which authority is responsible for deciding the winner of a dispute under Section 15 of the General Insurance Business (Nationalisation) Act, 1972?
Q4.What must the Corporation do once a rival claim is identified under Section 15 of the General Insurance Business (Nationalisation) Act, 1972?