LawgistThe Chit Funds Act
50Bar to winding up proceedings
Notwithstanding anything contained in sections 48 and 49, no petition for the winding up of a chit shall be entertained by the Registrar,--
(a) if proceedings relating to insolvency are pending against the foreman; or
(b) where the foreman is a firm, if proceedings relating to insolvency are pending against all the partners or all the partners except one thereof, or proceedings for the dissolution of the firm are pending; or
(c) where the foreman is a company or co-operative society, if proceedings for the winding up of such company or co-operative society are pending.
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WINDING UP OF CHITS
- 48 Circumstances under which chits may be wound up
- 49 Application for winding up
- 50 Bar to winding up proceedings
- 51 Commencement and effect of winding up order
- 52 Injunction order
- 53 Powers of Registrar
- 54 Vesting of chit assets in Registrar or other persons
- 55 Suits, etc., to be stayed on winding up order
- 56 Notification of winding up order
- 57 Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings
- 58 Award of compensation to foreman
- 59 Right to appeal
- 60 Limitation
