Section 50 in Jammu and Kashmir Chit Funds Act, 2016
50. Bar to winding up proceedings.
- Notwithstanding anything contained in section 48 and section 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.
