Effects of order winding up

After the expiry of the period for appeal under section 109 against the order made under sub-section (3) of section 107, or where the appeal has been dismissed, the order for winding up shall be effective and shall operate in favour of all creditors and of all creditors and of all the contributories of the society, as if it has been made on the joint petition of creditors and contributories. When a winding up order becomes effective, the liquidator shall proceed to realize the assets of the society by sale or otherwise, and no dispute shall be commenced, or if pending at the date of the Registrar and subject to such terms as the Registrar may impose. The Registrar and subject may of his own motion, however, entertain or dispose of any dispute by or against the society.