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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>LLP Deemed Unable to Pay Debts Under Winding Up Rules if Debt Exceeds 1 Lakh and Unpaid in 21 Days</h1> Under the Limited Liability Partnership (Winding up and Dissolution) Rules, 2010, an LLP is deemed unable to pay its debts if: (a) a creditor, owed over one lakh rupees, serves a demand at the LLP's registered office and the LLP fails to pay, secure, or restructure the debt within 21 days; (b) any court or tribunal order favoring a creditor remains unsatisfied; or (c) the Tribunal is satisfied of the LLP's inability to pay, considering its contingent and prospective liabilities. These conditions can lead to winding up by the Tribunal under section 64.
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