In force · As amended up to 2026-08
54. Voluntary winding up.— Notwithstanding anything contained in the[10] [the Companies Act, 2013 (18 of 2013)], an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.
Source: India Code