Section 50 of the Chit Funds Act, 1982 – Bar to winding up proceedings

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Section 50: Bar 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.

Source: official text of The Chit Funds Act, 1982 as published on India Code (PDF). All sections of the Chit Funds Act, 1982.

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