Petition for winding up: who may present petitions and the procedural conditions for Tribunal admission and leave. Petitions to wind up an LLP may be presented by the LLP, partners, secured creditors (including contingent or prospective creditors), the Registrar, authorised persons of the Central Government, or Government in specified cases; partners may petition despite full contribution or absence of distributable assets. The Registrar may petition on statutory grounds but requires Central Government sanction and evidence of insolvency from accounts or an inspector's report before petitioning for inability to pay debts. Admission by the LLP or partners requires a statement of affairs and a three fourths partners' resolution; contingent or prospective creditors need Tribunal leave and must show a prima facie case and provide security for costs.
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Provisions expressly mentioned in the judgment/order text.
Petition for winding up: who may present petitions and the procedural conditions for Tribunal admission and leave.
Petitions to wind up an LLP may be presented by the LLP, partners, secured creditors (including contingent or prospective creditors), the Registrar, authorised persons of the Central Government, or Government in specified cases; partners may petition despite full contribution or absence of distributable assets. The Registrar may petition on statutory grounds but requires Central Government sanction and evidence of insolvency from accounts or an inspector's report before petitioning for inability to pay debts. Admission by the LLP or partners requires a statement of affairs and a three fourths partners' resolution; contingent or prospective creditors need Tribunal leave and must show a prima facie case and provide security for costs.
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