Corporate Updates

In case the Limited Liability Partnership (LLP) wants to close down its business or where it is not carrying on any business operations for the period of one year or more, , it can make an application to the Registrar of Companies for declaring the company as defunct and removing the name of the LLP from its register of LLP’s. The procedure is described below :

• An application is required to be made in e-Form 24 to the Registrar of Companies for Striking off the name of the LLP under clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008 with the consent of all partners.

• The Registrar shall publish a notice on its website (MCA website) as to the content of the application for a period of one month for the notice of the general public.

• Application to be supported by Indemnity Bonds to indemnify any person legally claiming after the LLP to be strike off and duly sworn Affidavits declaring all the information provided and statements given to be true by all partners.

• Application filed also to be supported by approvals or No Objection Certificates from concerned Regulatory Authorities with which the LLP is registered as and when required. Such as if LLP Carriying Banking Business then it has to obtain NOC from RBI before winding up.
• If the Registrar, has sufficient cause to believe that the limited liability partnership has any asset or liability, satisfy himself that sufficient provision has been made for the realization of all amount due to the limited liability partnership and for the payment or discharge of its liabilities and obligations by the limited liability partnership within a reasonable time and, if necessary, obtain necessary undertakings from the designated partner or partner or other persons in charge of the management of the limited liability partnership
• On the expiry of the said period, the Registrar may, by an order, unless cause to the contrary is shown by the limited liability partnership, strike its name from the register, and shall publish the notice thereof in the Official Gazette, and on the very movement of publication in the Official Gazette of this notice, the limited liability partnership shall stand dissolved.

Details To Be Prepare