61. (1) Where an insurance company is in liquidation or any other insurer is insolvent the Court may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the Court thinks just. (2) Where a company carrying on the business of the life insurance has been proved to be insolvent, the Court may, if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the Court thinks fit. (3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the Chief Controller of Insurance and the Chief Controller of Insurance and any person whom the Court thinks likely to be affected shall be entitled to be heard on any such application.