Section 61. Power of

61. Power of[4] [Tribunal] to reduce contracts of insurance. — (1) Where an insurance company is in liquidation or any other insurer is insolvent the[4] [Tribunal] may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the[4] [Tribunal] thinks just. (2) Where a company carrying on the business of life insurance has been proved to be insolvent, the[4] [Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the[4] [Tribunal] thinks fit. (3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the[5] [Authority] and by any person whom the[4] [Tribunal] thinks likely to be affected shall be entitled to be heard on any such application. 6 [61A. Appeal to National Company Law Appellate Tribunal. — (1) Any person aggrieved by an order or decision of the Tribunal may prefer an appeal to the National Company Law Appellate Tribunal. (2) No appeal shall lie to the National Company Law Appellate Tribunal from an order made by the Tribunal with the consent of parties. (3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order or decision made by the Tribunal is received by the appellant and it shall be in such from and accompanied by such fee as may be prescribed. Provided that the National Company Law Appellate Tribunal may entertain an appeal after the expiry of said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period. (4) On receipt of an appeal under sub-section (1), the National Company Law Appellate Tribunal shall, after giving parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against. 1. Subs. by Act 5 of 2015, s. 2(a), for "the Indian Companies Act, 1913" (w.e.f. 26-12-2014). 2. Subs. by s. 67, ibid ., for sub-section (4) (w.e.f. 26-12-2014). 3. Sub-section (5) omitted by Act 62 of 1968, s. 24 (w.e.f. 1-6-1969). 4. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003). 5. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). 6. Ins. by Act 11 of 2003, s. 133 and the schedule (w.e.f. 1-4-2003). (5) The National Company Law Appellate Tribunal shall send a copy of every order made by it to the Tribunal and parties to the appeal. (6) The appeal filed before the National Company Law Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of the receipt of the appeal.] SPECIAL PROVISIONS RELATING TO EXTERNAL COMPANIES