Amendment status not verified — confirm the current text below against the official source.
The prescribed authority or court may, upon the application of the foreman or of any subscribers to whom amounts are due in respect of the chit at any time after the presentation of the application for the winding up of a chit under this Act, make an order for the appointment of an Interim Receiver or an order staying further proceedings in any suit or proceeding instituted against the foreman for the realisation of amounts due in respect of the chit upon such terms as the prescribed authority or court thinks fit. Power of court on hearing the application