Section 97(1)(b) in Motor Vehicles Act, 1939

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Union of India - Subsection

Section 97(1)(b) in Motor Vehicles Act, 1939

(b)where the insured person is a company, in the event of a winding up order being made or a resolution for a voluntary winding up being passed with respect to the company or of a receiver or manager of the company's business or undertaking being duly appointed, or of possession being taken by or on behalf of the holders of any debentures secured by a floating charge of any property comprised in or subject to the charge, if, either before or after that event, any such liability is incurred by the insured person, his rights against the insurer under the contract in respect of the liability shall. notwithstanding anything to the contrary in any provision of law, be transferred to and vest in the third party to whom the liability was so incurred.

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Union of India - Subsection

Section 97(1)(b) in Motor Vehicles Act, 1939