Chit Fund Department
Delhi Chit Fund Rules, 2007
Chapter IV
WINDING UP OF CHITS
Form of petition for winding up of a chit.-A petition for winding up of a chit shall contain the following particulars, namely:-
- Full name, description, occupation and address of the petitioner;
- Address of advocate, if any, for the service of all notices, processes, etc;
- Address of the foreman;
- Particulars of the chit-
- number and date of registration of the chit agreement;
- office where the chit agreement was registered;
- the chit amount;
- the total number of tickets;
- the number of non-prized subscribers on the date of the petition ; and
- the number of unpaid prized subscribers, if any.
the number of subscriptions and the number of tickets subscribed by each subscriber in the following format:-
| Name | Ticket No. | No. of installments paid to the foreman | Amount of subscription paid to the foreman | Whether prized/unpaid prized/non- prized subscriber and amount due from the foreman |
|---|---|---|---|---|
- Facts on which the petitioner relies in support of the petition;
- Particulars relating to the award and execution of other process which has been returned unsatisfied in whole or in part, if the ground of the petition is that execution of other process issued on an award or order of the Registrar in favor of any subscriber in respect of the amounts due to him from the foreman was returned unsatisfied in whole or in part;
- Full details to show that the condition prescribed in clause (a) of the proviso to section 49 is satisfied if the winding up of the chit is applied for under caused of section 48; Explanation.-For the purpose of this clause, such petition is presented by those non-prized subscribers and those unpaid prized subscribers whose subscriptions to the chit amount in the aggregate is, at least, twenty five percent of the amount contributed by all the non-prized subscribers and unpaid prized subscribers. Full details in support of the same is to be given separately.
- Whether the previous sanction of the State Government has been obtained, if clause (b) of the proviso to section 49 applies. (A copy of the relevant order of the State Government shall be attached).
32.Set off to be allowed.-When money is due from the foreman to a subscriber and also from the subscriber to the foreman, the subscriber shall be allowed the benefit of a set off.
33.Hearing of objections to the provisional statement.-On the date fixed for the hearing of the objections under sub rule (2) of rule 31, the Registrar or the receiver, shall hear objections, if any, and revise, alter or modify the provisional statement, if necessary, and prepare a final statement.
34.Collection and distribution of chit assets.-The Registrar or the receiver, as the case may be, shall take steps for the collection of chit assets and pass orders for distribution of available chit assets to the non-prized and unpaid prized subscribers.
35.Provision for expenses of winding up.-The Registrar or the receiver, before passing orders for the distribution of chit assets, shall specify the estimated amount of the cost of winding up including remuneration for the receiver and such other items of expenditure as are incidental to the winding up and such estimated amount shall first be provided for, and deducted from the value of the chit assets and the balance amount shall be proposed for distribution in accordance with the final statement prepared under rule 33.
36.Filing of final accounts by the receiver.-(1) The receiver shall file his account with the Registrar before the preparation of final statement and shall also deposit the balance of money, if any in his hands, all books of accounts and all other records relating to the chit, which has been wound up. (2) The receiver may thereafter apply to the Registrar for a certificate of discharge from the duties as receiver and for the vacating of his recognizance bonds entered into by him and the sureties, if any. On receipt of such application, the Registrar may pass orders of such discharge and vacating of the bonds and for the disposal of the final balance of the chit assets, if any.
37.Final order of winding up by the Registrar.-(1) After the affairs of a chit have been completely wound up, the Registrar shall make an order recording the fact of such winding up. (2) A copy of such order shall be exhibited on the notice board of the Registrar.
38.Meetings.-When the number of subscribers is large and the Registrar, whether on application of the receiver or not, at any stage considers that a meeting of all such parties is necessary in order to ascertain their views in any matter, the Registrar may pass an order for holding such a meeting. The Registrar may direct the manner in which and the time and place at which the meeting shall be held and the receiver shall convene and hold the meeting accordingly.