Manjula Bose, J. - (1.) One Radheshyam Roy, since deceased instituted this suit on Sept. 19, 1956 against the defendant Life Insurance Corporation of India for recovery of a sum of Rs. 26,000/- alleged to be due from Peerless Life Insurance Co. Ltd. (hereinafter referred to as the Insurance Company).
(2.) The case in the plaint is that the original plaintiff was the Managing Director of the said Insurance Company and that on account of paucity of funds he had not drawn his remuneration as Managing Director from Jan. 1943 till Dec. 1947. It is alleged that the Insurance Company by its resolution dated July 2, 1948 agreed and/or promised as follows: "Resolved unanimously that the sum of Rs. 26,000/-, being the amount of remuneration foregone by the Managing Director Mr. R. Roy up to Dec., 1947, be paid to him in a lump sum or in one or more instalments in one or more years as and when the company is in a position to do so".
(3.) It is further alleged that the Life Insurance Corporation of India the defendant, is the successor in interest of the Insurance Company under the Life Insurance Corporation Act, 1956 and as such Is liable to pay the said sum of Rs. 26,000/- to the original plaintiff.;