Section 49 in The Maharashtra Chit Funds Act, 1974
49. Stay of winding up proceedings on insolvency of Foreman and transfer of insolvency proceedings.
- Where during the pendency of the proceedings for the winding up of a chit, a Foreman is adjudicated an insolvent or where a Foreman is a company, the company has been ordered to be wound up by the court, the winding up proceedings under this Act shall cease, and the distribution of the chit assets, shall, subject to the provisions contained in sections 36 and 44, be made by the insolvency court or the court winding up the company, as the case may be. Where insolvency proceedings, against the Foreman are pending in different courts in the State, the High Court may transfer the proceedings from one court to another as it may deem fit.
