Regulation 105

The powers and duties conferred and imposed on the Court by section 152(1) of the IRDA with regard to the collection of the assets of a VCC or sub‑fund and the application of the assets in discharge of the liabilities of the VCC or sub‑fund are to be exercised or performed by the liquidator subject to the control of the Court.

For the purpose of the exercise or discharge by the liquidator of the powers and duties imposed by section 152(1) of the IRDA read with paragraph (1), the liquidator is, for the purpose of acquiring or retaining possession of the property of the VCC or sub‑fund, in the same position as if the liquidator were a receiver of the property appointed by the Court, and the Court may, on an application of the liquidator, enforce such acquisition or retention accordingly.