State Act
42
Section 42. Insolvency or liquidation a bar to winding up proceedings
THE UTTAR PRADESH CHIT FUND ACT, 1975
Act no. 53 of 19751975RepealedUttarakhand (State Act)
This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
42. Notwithstanding anything contained in sections 40 and 41, no petition for the winding up of a chit shall be entertained by the prescribed authority or a court under section 40 if proceedings under the Provincial Insolvency Act, 1920, are pending against the foreman for adjudicating him an insolvent or where the foreman is a company, if proceedings for winding up the company are pending against such company under the Companies Act, 1956.