State the circumstances under which the winding up of an LLP may be ordered by the Tribunal.
CA Intermediate · Corporate and Other Laws · PYQS · January 2025
State the circumstances under which the winding up of an LLP may be ordered by the Tribunal.
Suggested Answer and Working Notes:
(a) Circumstances in which Limited Liability Partnership may be wound up by Tribunal (Section 64 of the Limited Liability Partnership Act, 2008): A limited liability partnership may be wound up by the Tribunal: (a) if the limited liability partnership decides that limited liability partnership be wound up by the Tribunal; (b) if, for a period of more than six months, the number of partners of the limited liability partnership is reduced below two; (c) if the limited liability partnership is unable to pay its debts; (d) if the limited liability partnership has acted against the interests of the sovereignty and integrity of India, the security of the State or public order; (e) if the limited liability partnership has made a default in filing with the Registrar the Statement of Account and Solvency or annual return for any five consecutive financial years; or (f) if the Tribunal is of the opinion that it is just and equitable that the limited liability partnership be wound up.
Topics: The Limited Liability Partnership Act, 2008
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