The Appellate Division of the Supreme Court today stayed a High Court judgement for appointing administrator in Delta Life Insurance Company Limited till 6 February.
Declaring administrator appointment of the capital market listed Delta Life Insurance Company as illegal, the Appellate Division led by senior justice Md Nuruzzaman along with 5 justice of the bench passed the order.
Barrister Mostafizur Rahman Khan stood in favour of the petitioner in the virtual hearing.
The Insurance Development and Regulatory Authority (IDRA) appointed administrator for four-months on 11 February last year, dismissing Delta Life Insurance's board of directors on charges of various irregularities including additional expenses.
Besides, the IDRA also suspended board of directors of the insurance company as an allegation was also raised against IDRA's chairman M Mosharraf Hossain that he demanded Tk50 lakh as bribe.
The dismissed board of directors of the Delta Life Insurance Company filed a writ petition with the High Court by challenging the appointment of the administrator. Later, the High Court gave verdict after hearing of the writ.