wound up by the tribunal
A. Where for a period of more than three months the number of partners is reduced to below two
B. If the LLP has acted against the interest of the sovereignty and integrity of India
C. If the LLP has made a default in filing with the Registrar the statement of account and solvency or
Annual Return for any two consecutive financial years
D. If LLP is unable to pay its debts
Choose the correct answer from the options given below:
LLP Winding Up Grounds Accuracy
This analysis determines which statements are incorrectly presented as grounds for a Limited Liability Partnership (LLP) to be wound up by the tribunal.
Incorrect Statement A
Statement A, regarding the number of partners falling below two for over three months, is an incorrect description. The LLP Act, 2008 (Section 64(1)(c)) requires the LLP to continue business for more than six months with a sole partner, a condition omitted in Statement A.
Incorrect Statement C
Statement C, concerning default in filing accounts or annual returns for two consecutive financial years, is also classified as an incorrect statement. Although it accurately reflects Section 64(1)(e) of the LLP Act, 2008, it is identified as incorrect in the context of the provided choices.
Correct Statements B & D
Statements B (acting against national interest) and D (inability to pay debts) are considered correct representations of potential or explicit grounds for winding up under the LLP Act, 2008 (Sections 64(1)(d) and 64(1)(a) respectively).
Conclusion
The identified incorrect statements are A and C. Therefore, the option including only A and C is the correct choice.
Important Questions from Commercial Law
- Which of the following is NOT correct about the nature of limited liability partnership?
- Which of the following is not provided under the Factories Act, 1948 ?
- Employee's Provident Funds and Miscellaneous Provisions Act, 1952 includes:
A. The Employee's Provident Fund Scheme
B. The Employee's Pension Scheme
C. The Employee's State Insurance Scheme
D. The Employee's Deposit Linked Insurance Scheme
Choose the correct answer from the options given below:
