48. Compensation for frivolous or vexatious application.- (1) When an application presented for winding up a chit is dismissed and the Court is satisfied that the application is frivolous or vexatious the Court may award against the applicant such amount, not exceeding five hundred rupees as it deems reasonable as compensation to the foreman for the expense or injury occasioned to him by the application and the proceedings thereon and such amount may be realized as if the award were a decree. (2) The award of any amount under sub-section (1) shall bar any suit for compensation. | 
