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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Liquidators Must Deposit LLP Funds in Public Account or Scheduled Bank, Maintain Record of Transactions: Rule Compliance</h1> The Liquidator of a Limited Liability Partnership (LLP) must deposit all received funds into the Public Account of India or a designated Scheduled Bank account in their official name. Daily realizations must be deposited by the next working day unless the amount is below one thousand rupees. Payments exceeding one thousand rupees should be made by cheque. If the liquidator is from a panel, the Tribunal may allow different bank account operations. The Liquidator must maintain a bank remittance challan book with serially numbered leaves, obtaining bank acknowledgments for all deposits. The challan book format is determined by the Liquidator in consultation with the bank.
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