Section 42 in The Maharashtra Chit Funds Act, 1974
42. Insolvency or liquidation, a bar to winding up proceedings.
- Notwithstanding anything contained in sections 40 and 41 of the Act, no petition for the winding up of a chit shall be entertained by a Court if proceeding under the law relating to insolvency for the time being in force are pending against the Foreman for adjudicating him an insolvent, or when the Foreman is a company, if proceedings for winding up the company are pending against such company in a Court.
