Section 57 in Jammu and Kashmir Chit Funds Act, 2016
57. Cessation of winding up proceedings on insolvency of foreman, etc. or the winding up of the company and transfer of such proceedings.
- Where during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to be wound up by the Court, the winding up proceeding under this chapter shall cease and the distribution of the chit assets shall, subject of the provisions of section 43 and section 52, be made by all the insolvency Court or the Court winding up the company, as the case may be.
