- (1.) The Andhra Insurance Company Ltd., hereafter called the insurer, carried on life insurance and other insurance business. On September 1, 1956 the life insurance business of the insurer became vested in the Life Insurance Corporation of India under the provisions of the Life Insurance Corporation Act, 1956. The insurer thereupon became entitled to compensation from the Life Insurance Corporation under S. 16 of the Act.
(2.) On February, 19,1957, the Corporation having determined the amount of the compensation and obtained the Central Government's approval made an offer of it to the insurer as provided in S. 16. By the letter making the offer, the Corporation claimed various deductions. The insurer raised certain disputes. It is not necessary for the purpose of this appeal to refer to these disputes.
(3.) On August 6,1957 the insurer made an application to the Tribunal which had been constituted on May 25, 1957, for an order for re-assessment of the compensation payable to it. In that application it also made a prayer that the Tribunal might, if necessary, extend the time for making the application by three months from the date of its constitution. On September 21, 1957, the insurer filed in the Tribunal another statement giving the details of its claim. The Corporation in its turn filed its written statement in answer to the claim of the insurer.;