89. The Court may make an order reducing the amount of the insurance contracts of a provident society upon such terms and subject to such conditions as the Court thinks just-(a) if the Chief Controller of Insurance as an alternative to cancelling the registration of a society under sub-section (4) of section 70 applies to the Court in this behalf;(b) if while a society is in liquidation the Court thinks fit;(c) if when a society has been proved to be insolvent, the Court thinks fit to do so in place of making an order for the winding up of the society; or(d) if the Court is satisfied on an application made in this behalf by the society supported by the report of an actuary, and after giving the policy-holders an opportunity to be heard that it is desirable to do so.