Application of Companies Act provisions to LLPs alters winding-up regime, substituting Tribunal and LLP liquidator. Notification G.S.R. 6(E) applies specified Companies Act, 1956 provisions to limited liability partnerships with modifications: substituting 'limited liability partnership' for 'company', 'designated partners' for 'directors', and 'Tribunal' for 'Court'; adapting winding-up procedures to LLPs by empowering the Tribunal to hear petitions, appoint provisional and final LLP liquidators from a prescribed panel, require filing of statements of affairs and audited winding-up accounts, permit sale of the undertaking as a going concern, and to apply insolvency, avoidance and penalty provisions to LLPs with tailored procedural rules.
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Application of Companies Act provisions to LLPs alters winding-up regime, substituting Tribunal and LLP liquidator.
Notification G.S.R. 6(E) applies specified Companies Act, 1956 provisions to limited liability partnerships with modifications: substituting "limited liability partnership" for "company", "designated partners" for "directors", and "Tribunal" for "Court"; adapting winding-up procedures to LLPs by empowering the Tribunal to hear petitions, appoint provisional and final LLP liquidators from a prescribed panel, require filing of statements of affairs and audited winding-up accounts, permit sale of the undertaking as a going concern, and to apply insolvency, avoidance and penalty provisions to LLPs with tailored procedural rules.
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