Section 50: Bar to winding up proceedings.

Notwithstanding anything contained in sections 48 and 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, if 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 for the winding up of such company or co-operative society are pending.