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Home / Legal Sphere Acts / LLP Chapter XIII - Winding Up and Dissolution

Chapter XIII - Winding Up and Dissolution.

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Summary
  • A LLP can be wound up either voluntarily or by the order of tribunal
  • The Act prescribes the circumstances under which the LLP can be wound up compulsorily by the High Court.

Winding up and dissolution.
 

63. The winding up of a limited liability partnership may be either voluntary or by the Tribunal and limited liability partnership, so wound up may be dissolved.

Circumstances in which limited liability partnership may be wound up by Tribunal.
 

64. 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.

Rules for winding up and dissolution.
 

65. The Central Government may make rules for the provisions in relation to winding up and dissolution of limited liability partnerships.

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