47. Stay of winding up proceedings on insolvency of foreman and transfer of insolvency proceedings.- When during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent or when the 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 Section 34 and 42 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, the High Court may transfer the proceedings from one Court to another as it may deem fit. |
