Section 52B. Powers and duties of the Administrator

52B. Powers and duties of the Administrator. —(1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the[8] [Authority] a report stating which of the following courses 1. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002). 2. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950). 3. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f. 23-9-2002). 4. Subs. by Act 11 of 1939, s. 20, for "within three months of the lapsing of policy of life insurance". 5. Added by Act 13 of 1941, s. 35 (w.e.f. 8-4-1941). 6. Subs. by Act 5 of 2015, s. 59, for sections 52 and 52A (w.e.f. 26-12-2014). 7. Ins. by Act 47 of 1950, s. 42 (w.e.f. 1-6-1950). 8. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely: — (a) the transfer of the business of the insurer to some other insurer; (b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts); (c) the winding up of the insurer; and (d) such other course as he deems advisable. (2) On the filing of the report with the[1] [Authority], the[1] [Authority] may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general. (3) Any order passed by the[1] [Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company. 2 [52BB. Powers of Administrator respecting property liable to attachment under section 106. — (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section. (2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to[3] [the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit. (3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the[4] [Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section. (4) An order made by the Administrator under this section shall, — (a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and (b) in the case of an order affecting a person not being a corporation or firm, be served on such person— (i) personally, by delivering or tendering to him the order, or (ii) by post, or 1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). 2. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955). 3. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014). 4. Subs. by s. 60, ibid ., for "Central Government" (w.e.f. 26-12-2014). (iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette. (5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order. (6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of. (7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void. (8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860). (9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: — (a) summoning and enforcing attendance of witnesses and examining them on oath; (b) requiring the production of documents; and (c) receiving evidence on affidavits. and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860). (10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, — (a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator[1] * made under this section, and (b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.]