The Appellate Division of the Supreme Court (SC) on Sunday cleared the way for appointing an administrator to Delta Life Insurance Company Limited until March 6, upholding a stay on a High Court order in this regard till that day, reports BSS.
A three-member Appellate Division bench headed by Chief Justice Hasan Foez Siddique passed the order, adjourning the matter till March 6.
"The High Court order declaring illegal the appointment of an administrator to the company will remain stayed and the court asked Insurance Development & Regulatory Authority (IDRA) to file a regular appeal against that by this time," Barrister Mostafizur Rahman Khan, who argued for IRDA during the hearing, told newsmen.
The High Court on January 6 declared the IRDA's decision of suspending Delta Life Insurance board of directors and appointment of an administrator illegal.
The IRDA appealed against the High Court verdict and the Appellate Division Chamber Judge stayed the judgment and sent the matter to the apex court full bench for further hearing.
IRDA had suspended the board of directors of Delta Life Insurance and appointed an administrator on February 11, 2021, over different allegations. But a writ was filed against the IRDA decision, by the suspended board of directors.
