Distributable Sum Account requirement: liquidator must transfer declared distributable sums into a separate account for payment. A separate Distributable Sum Account must be opened by the Liquidator for each LLP in liquidation in a designated or, with Tribunal sanction, another scheduled bank; upon any declaration of distributable sum the Liquidator shall transfer the total distributable sum from his Reserve Bank of India or designated bank account into that distributable sum account, and all payments of distributable sums shall be made from that account.
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.
Distributable Sum Account requirement: liquidator must transfer declared distributable sums into a separate account for payment.
A separate Distributable Sum Account must be opened by the Liquidator for each LLP in liquidation in a designated or, with Tribunal sanction, another scheduled bank; upon any declaration of distributable sum the Liquidator shall transfer the total distributable sum from his Reserve Bank of India or designated bank account into that distributable sum account, and all payments of distributable sums shall be made from that account.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
