Rule 60 - Unpaid and Undistributed Assets Account - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Unpaid and Undistributed Assets Account 60. (1) If the Liquidator or LLP Liquidator has in its hands or under his control any money representing (a) any money representing distributable sum payable to any creditor or creditors, he shall transfer, within five days of such money being due, in a separate special bank account known as the Distributable Sum Account of M/s. .......... LLP (in liquidation) . (b) any money representing assets refundable to any partner or partners, he shall transfer, within five days of such money being due, in a separate special bank account known as the Distributable Asset Account of M/s................LLP (in liquidation) . (2) If the amounts which have been transferred to the Distributable Sum Account of M/s..............LLP (in liquidation) or Distributable Asset Account of M/s. ...............LLP (in liquidation) but have not been paid or claimed within six months from the date of transfer of such amount, the Liquidator or LLP Liquidator shall, within seven days from the date of expiry of the said period of six months, transfer the said amount into the Public Account of India in a separate account to be known as the LLP Liquidation Account . (3) The liquidator or the LLP liquidator, as the case may be, shall, on the dissolution of the LLP, pay into the LLP Liquidation Account any money representing unpaid distributable sums or undistributed assets in his hands at the date of dissolution. (4) The liquidator or the LLP liquidator, as the case may be, shall, when making any payment referred to in sub-rules (2) and (3), furnish to the Registrar, a statement in the form as specified in these rules prescribed setting forth, in respect of all sums included in such payment, the nature of the sums, the names and last known addresses of the persons entitled to participate therein, the amount to which each is entitled and the nature of his claim thereto, and any other particulars specified in Part VI. (5) The liquidator or the LLP liquidator, as the case may be, shall be entitled to a receipt from the Scheduled bank for any money paid to it under sub-rules (2) and (3), and such receipt shall be an effectual discharge of the liquidator or the LLP Liquidator in respect thereof. (6) Where a LLP is being wound up voluntarily, the LLP Liquidator shall, when filing a statement in pursuance of sub-rule (1) of rule 56, indicate the sum of money which is payable under sub-rules (2) and (3) of this rule and shall, pay that sum into the accounts mentioned in sub-rule (2) or sub-rule (3) of this rule, as the case may be. (7) Any person claiming to be entitled to any money paid into the LLP Liquidation Account paid in pursuance of this rule may apply to the Tribunal for an order for payment thereof, and the Tribunal, if satisfied that the person claiming is entitled, may make an order for the payment to that person of the sum due : Provided that before making such an order, the Tribunal shall cause a notice to be served on Registrar, calling him to show cause within one month from the date of the service of the notice why the order should not be made. (8) Any money paid into the LLP Liquidation Account in pursuance of this rule, which remains unclaimed thereafter for a period of seven years, shall be transferred to the general revenue account of the Central Government, but a claim to any money so transferred may be preferred under sub-rule (7) and shall be dealt with as if such transfer had not been made and the order, if any, for payment on the claim will be treated as an order for refund of revenue. (9) Any liquidator or LLP liquidator, as the case may be, retaining any money which should have been paid by him into the LLP Liquidation Account under this rule shall (a) pay interest on the amount so retained at the rate of twelve per cent per annum and also pay such penalty as may be determined by the Tribunal : Provided that the Central Government may, in any proper case remit either in part or in whole the amount of interest which the liquidator is required to pay under this clause; (b) be liable to pay any expenses occasioned by reason of his default; and (c) where the winding up is by the Tribunal, also be liable to have all or such part of his remuneration, as the Tribunal may consider just, to be disallowed, and to be removed from his office by the Tribunal.