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40. Insolvency or liquidation a bar to winding up proceedings.- Not -withstanding anything in Sections 38 and 39, no petition for the winding up of a chit shall be entertained by a Court, if proceedings under the law relating to insolvency for the time being in force are pending against the foreman for adjudicating him an insolvent or when the foreman is a company, if proceed-ings for winding up the company are pending against such company in a court. | |||||
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