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Section57
The Chit Funds Act, 1982

Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings

In force From 02 Apr 1984 Act 40 of 1982 As on 17 Oct 2026

Act 40 of 1982 Ministry Finance Enacted 19 Aug 1982 In force 02 Apr 1984

Section 57 of the Chit Funds Act, 1982 deals with cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings. Where during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to b The Act came into force on 02 Apr 1984.

Where during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to be wound up by the Court, the winding up proceedings under this Chapter shall cease and the distribution of the chit assets shall, subject to the provisions of sections 43 and 52, be made by the insolvency court or the court winding up the company, as the case may be.

Section 57, The Chit Funds Act, 1982 (Act 40 of 1982).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 43 Subscribers' dues to be first charge on chit assets
  2. s. 52 Injunction order

Questions about Section 57

What does Section 57 of the Chit Funds Act deal with?

Section 57 of the Chit Funds Act is headed "Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings". Where during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to b

How do I find court cases under Section 57 of the Chit Funds Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Chit Funds Act 1982 57, section 57 Chit Funds Act 1982, section 57 of the Chit Funds Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 57 of the Chit Funds Act, and has it changed?

Its own text turns on section 43 (Subscribers' dues to be first charge on chit assets), section 52 (Injunction order), so none of them can safely be read on its own.

When did Section 57 of the Chit Funds Act come into force?

Section 57 of the Chit Funds Act, cited as Chit Funds Act 1982 57, came into force on 02 Apr 1984, having been enacted on 19 Aug 1982. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.