law: Life Insurance Corporation Act, 1956 
  15. Right of
  
  Corporation to seek relief in respect of certain transactions of the insurer.- 
  1.     
  
    Where
  
  an insurer whose controlled business has been transferred to and vested in the
  
  Corporation under this Act has, at any time within five years before the 19th
  
  day of January, 1956.—
  a.      made any payment to
  
  any person without consideration;
  b.     sold or disposed of
  
  any property of the insurer without consideration or for an inadequate
  
  consideration;
  c.      acquired any property
  
  or rights for an excessive consideration:
  d.     entered into or
  
  varied any agreement so as to require an excessive consideration to be paid or
  
  given by the insurer;
  e.      entered into any
  
  other transaction of such an onerous nature as to cause a loss to, or impose a
  
  liability on, the insurer exceeding any benefit accruing to the insurer;
  f.      if a composite
  
  insurer, transferred any property from his life department to his general
  
  department without consideration or for an inadequate consideration; and the
  
  payment, sale, disposal, acquisition, agreement or variation thereof or other
  
  transaction or transfer was not reasonably necessary for the purpose of the
  
  controlled business of the insurer or was made with an unreasonable lack of
  
  prudence on the part of the insurer, regard being had in either case to the
  
  circumstances at the time, the Corporation may apply for relief to the Tribunal
  
  in respect of such transaction, and all parties to the transaction shall,
  
  unless the Tribunal otherwise directs, be made parties to the application.
  1.     
  
  
  2.     
  
    The
  
  Tribunal may make such order against any of the parties to the application as
  
  it thinks just having regard to the extent to which those parties were
  
  respectively responsible for the transaction or benefited from it and all the
  
  circumstances of the case.
  3.     
  
    Where
  
  an application is made to the Tribunal under this section is respect of any
  
  transaction and the application is determined in favour of the Corporation, the
  
  Tribunal shall have exclusive jurisdiction to determine any claims outstanding
  
  in respect of the transaction.