KB-2126

27. Powers of Tribunal

(1) On hearing a winding up petition, the Tribunal may –
(a) dismiss it, with or without costs;
(b) make any interim order, as it thinks fit;
(c) direct the action for revival or rehabilitation of the limited liability partnership in accordance with procedure laid down in sections 60 to 62 of the Limited Liability Partnership Act, 2008;
(d) appoint a “Liquidator” as provisional liquidator of the limited liability partnership till the making of a winding up order;
(e) make an order for the winding up of the limited liability partnership with or without costs; or
(f) any other orders or orders as may be considered fit:

Provided that the Tribunal shall not refuse to make a winding up order on the ground only that the assets of the LLP have been mortgaged for an amount equal to or in excess of those assets, or that the LLP has no assets.

(2) Where a petition is presented on the ground that it is just and equitable that the LLP should be wound up, the Tribunal may refuse to make an order of winding up, if it is of the opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the LLP wound up instead of pursuing that other remedy.

(3) Where a Provisional Liquidator is appointed by the Tribunal, the Tribunal may limit and restrict his powers and duties by the order appointing him or by a subsequent order, but otherwise he shall have the same powers and duties as a liquidator.