Circumstances in which limited liability partnership may be wound up by Tribunal
This table simplifies the conditions under which the Tribunal can order the winding up of an LLP as per Section 64 of the LLP Act. Each provision outlines a specific scenario that triggers the Tribunal’s authority to initiate the winding-up process.
| Provision | Circumstances for Winding Up by Tribunal |
|---|---|
| (a) | LLP decides to be wound up by Tribunal. |
| (b) | Number of partners reduces below two for more than six months. |
| (d) | LLP acts against the interests of sovereignty and integrity of India, security of the State, or public order. |
| (e) | Default in filing Statement of Account and Solvency or annual return for any five consecutive financial years. |
| (f) | Tribunal finds it just and equitable to wind up the LLP. |
Complete legal text of section 64 of LLP Act, 2008
A limited liability partnership may be wound up by the Tribunal,
(a) if the limited liability partnership decides that limited liability partnership be wound up by the Tribunal;
(b) if, for a period of more than six months, the number of partners of the limited liability partnership is reduced below two;
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(d) if the limited liability partnership has acted against the interests of the sovereignty and integrity of India, the security of the State or public order;
(e) if the limited liability partnership has made a default in filing with the Registrar the Statement of Account and Solvency or annual return for any five consecutive financial years; or
(f) if the Tribunal is of the opinion that it is just and equitable that the limited liability partnership be wound up.