Insolvency or liquidation a bar to winding up proceedings

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.