https://www.taxtmi.com/caselaws?id=99855 A successful prize bidder under a chit fund scheme is not a contributory in the winding up of the company because the bidder's payments are not contributions to the company's assets but part of an integrated chit arrangement. The bidder may remain liable under the scheme's terms, yet recovery in voluntary liquidation cannot proceed independently of the obligation to run the chit for its full term. The liquidator's claim was also held time-barred because it became payable at the latest when the final instalment fell due, and the special exclusion of time under section 458A applied only to court winding up, not voluntary liquidation. en-us Thu, 20 Apr 1978 00:00:00 +0530 Mon, 30 Jan 2012 13:24:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99855 A successful prize bidder under a chit fund scheme is not a contributory in the winding up of the company because the bidder's payments are not contributions to the company's assets but part of an integrated chit arrangement. The bidder may remain liable under the scheme's terms, yet recovery in voluntary liquidation cannot proceed independently of the obligation to run the chit for its full term. The liquidator's claim was also held time-barred because it became payable at the latest when the final instalment fell due, and the special exclusion of time under section 458A applied only to court winding up, not voluntary liquidation. Case-Laws Companies Law Thu, 20 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99855