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Vesting of disclaimed property.

Rule 234 - Rules - Limited Liability Partnership (Winding up and Dissolution) Rules, 2012 - Rule 234 - 234. Where the disclaimed property is a leasehold interest and an application is made by any person who either claims any interest in any disclaime .....

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n entitled thereto or to whom it may seem just that the property should be delivered by way of compensation for such liability as aforesaid, or a trustee for him, and on such terms as the Tribunal thinks just; and on any such vesting order being made .....

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vesting order in favour of any person claiming under the LLP, whether as under-lessee or as mortgagee or holder of a charge by way of demise, except upon the terms of making that person- (a) subject to the same liabilities and obligations as those t .....

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that date, and in either event (if the case so requires) as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all .....

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able, either personally or in a representative character, and either alone or jointly with the LLP, to perform the lessee's covenants in the lease, freed and discharged from all estates, encumbrances and interests created therein by the LLP. (2) .....

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tion as is mentioned in the notice and if at the expiration of the time so fixed by the Tribunal, such under-lessee, mortgagee or holder of charge, fails to make such election and application, the Tribunal, may make an order vesting the property in t .....

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