LLP reconstruction provisions permit tribunal-ordered transfer and vesting of assets and liabilities to a transferee LLP. Section 62 empowers the Tribunal, on sanctioning a compromise or arrangement under section 60, to provide for transfer to a transferee LLP of the whole or any part of a transferor LLP's undertaking, property or liabilities; continuation of pending proceedings by or against the transferee LLP; dissolution without winding up of a transferor LLP; arrangements for dissenters; and incidental matters. Orders operate to transfer and vest property and liabilities in the transferee LLP, may free property from charges, and require filing a certified copy with the Registrar within thirty days, noncompliance attracting prescribed penalties.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
LLP reconstruction provisions permit tribunal-ordered transfer and vesting of assets and liabilities to a transferee LLP.
Section 62 empowers the Tribunal, on sanctioning a compromise or arrangement under section 60, to provide for transfer to a transferee LLP of the whole or any part of a transferor LLP's undertaking, property or liabilities; continuation of pending proceedings by or against the transferee LLP; dissolution without winding up of a transferor LLP; arrangements for dissenters; and incidental matters. Orders operate to transfer and vest property and liabilities in the transferee LLP, may free property from charges, and require filing a certified copy with the Registrar within thirty days, noncompliance attracting prescribed penalties.
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