Section 5 in The General Insurance (Emergency Provisions) Act, 1971
5. Power of Custodian to institute proceedings, etc. The Custodian may, in relation to the undertaking of any insurer the charge of management of which has been taken over by him, exercise--
(a)all or any of the powers which the Controller of Insurance may exercise under section 106 or section 107 of the Insurance Act;(b)all or any of the powers under section 52B, section 52BB, section 52C or section 52D of the Insurance Act which an Administrator appointed under section 52A of that Act could have exercised in relation to life insurance business of an insurer.
