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TMI BlogUnpaid and Undistributed Assets Account.X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t" 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 pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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