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Section 50 – The Chits Funds Act,1982

The Chits Funds Act,1982

50. Bar to winding-up proceedings.

Notwithstanding anything contained in Secs. 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, is 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 of the winding-up of such company or co-operative society are pending.

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The Chits Funds Act,1982

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