Rule 34 - Submission of report by Liquidator - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Submission of report by Liquidator 34. (1) Where the Tribunal has made a winding up order, the Liquidator shall, within sixty days from the date of winding up order, submit to the Tribunal, a report containing the following particulars, namely: (a) the nature and details of the assets of the LLP including their location and value, stating separately the cash balance in hand and in the bank, if any, and the marketable securities, if any, held by the LLP : Provided that the valuation of the assets shall be obtained from the panel of the valuers maintained by the Liquidator; (b) amount of contribution received and outstanding from partners; (c) the existing and contingent liabilities of the LLP including names, addresses and occupations of its creditors, stating separately the amount of secured and unsecured debts, and in the case of secured debts, particulars of the securities given, whether by the LLP or a partner or an officer thereof, their value and the dates on which they were given; (d) the debts due to the LLP and the names, addresses and occupations of the persons from whom they are due and the amount likely to be realised on account thereof; (e) guarantees, if any, given by the LLP; (f) list of partners and dues if any payable by them and details of any outstanding contributions; (g) details of intangible assets such as trade marks, intellectual property rights etc. owned by the LLP; (h) details of subsisting contracts, joint ventures and collaborations, if any; (i) details of other LLPs or companies, etc. in which LLP has any stake; (j) details of legal cases filed by or against the LLP; (k) details of the properties, assets, books of records and other documents taken under the custody of the Liquidator; (l) scheme of revival or rehabilitation of LLP, if any, and (m) any other information which the Tribunal may direct or the Liquidator may consider necessary to include. (2) The Liquidator may include in his report the manner in which the LLP was promoted or formed and whether in his opinion any fraud has been committed by any person in its promotion or formation or by any officer of the LLP in relation to the LLP since the formation thereof and any other matters which, in his opinion, it is desirable to bring to the notice of the Tribunal. (3) The Liquidator may make, in the report under sub-rule (1), the viability of the business of the LLP or the steps which, in his opinion, are necessary for maximizing the value of the assets of the LLP. (4) The Liquidator may, if he thinks fit, make any further report or reports in respect of such matters, which in his opinion, it is desirable to bring to the notice of the Tribunal. (5) Any person describing himself in writing to be a creditor or a partner of the LLP shall be entitled by himself or by his agent at all reasonable times to inspect the report submitted in accordance with this rule and take copies thereof or extracts there from on payment of the fee prescribed in Annexure.