law: Life Insurance Corporation Act, 1956 
  9. General effect of
  
  vesting of controlled business.- 
  1.     
  
    Unless
  
  otherwise expressly provided by or under this Act, all contracts, agreements
  
  and other instruments of whatever nature subsisting or having effect
  
  immediately before the appointed day and to which an insurer whose controlled
  
  business has been transferred to and vested in the Corporation is a party or
  
  which are in favour of such insurer shall in so far as they relate to the
  
  controlled business of the insurer be of as full force and affect against or in
  
  favour of the Corporation, as the case may be, and may be enforced or acted
  
  upon as fully and effectually as if, instead of the insurer, the Corporation
  
  had been a party thereto or as if they had been entered into or issued in
  
  favour of the Corporation.
  2.     
  
    If
  
  on the appointed day any suit, appeal or other legal proceeding of whatever
  
  nature is pending by or against an insurer, then, in so far as it relates to
  
  his controlled business, it shall not abate, be discontinued or be in any way
  
  prejudicially affected by reason of the transfer to the Corporation of the
  
  business of the insurer or anything done under this Act, but the suit, appeal
  
  or other proceeding may be continued prosecuted and enforced by or against the
  
  Corporation.