- (1.) Heard Sri Manish Goyal, learned counsel for appellant and Sri Shri Prakash Gupta, learned counsel for respondent.
(2.) This is defendant's appeal under Section 100 of Code of Civil Procedure (hereinafter to be referred as 'CPC') arising from judgment and decree dated 15.07.1978 passed by Sri S. S. Gupta, 5th Additional District and Sessions Judge, Varanasi in Civil Appeal No.3 of 1976 whereby appeal has dismissed and judgment and decree dated 29.09.1975 passed by Sri S. N. Prasad, IIIrd Additional Civil Judge, Varanasi in Original Suit No.120 of 1974 has been confirmed.
(3.) The appeal was admitted on following substantial questions of law:- "(i) Whether in the absence of the payment of the first premium the contract between the insured and the Life Insurance Corporation of India came into existence? (ii) Whether on the facts and in the circumstances of the present case the payment of second premium could be considered to be a good payment as required under the terms of the contract? (iii) Whether the acceptance of the cheque by the Life Insurance Corporation constituted waiver and could be a ground for holding that the insured had made the payment within time?";