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Unpaid and Undistributed Assets Account.

Rule 60 - Rule - LLP - Rule 60 - 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 f .....

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, 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 .....

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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 liquidat .....

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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 .....

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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 .....

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f 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 .....

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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 pu .....

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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 be .....

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