Application of Certain Provisions of Companies Act, 1956 to Limited Liability Partnerships with modifications
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Application of Companies Act provisions to LLPs: Tribunal-led winding up, LLP liquidators, and adapted insolvency procedures.
Specified provisions of the Companies Act, 1956 apply to limited liability partnerships with textual substitutions (e.g., "company" "limited liability partnership", "director" "designated partner", "Court" "Tribunal") and defined terms such as "LLP Liquidator". The notification adapts winding-up, liquidation, appointment and powers of liquidators, Tribunal-led procedures, voluntary winding-up rules, creditor protections, accounting, banking and reporting obligations, and avoidance/preferential payment rules to the LLP framework, and enables winding up of certain foreign LLPs under the LLP Act.