Insolvency or liquidation a bar to winding up proceedings.

Notwithstanding anything contained in sections 39 and 40 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 proceedings for winding up the company are pending against such company in a court.