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.