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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Which of the following statements about the Central Government's power to seek winding up of an LLP under Section 51 is correct?

The Central Government may have an authorised person present a petition to the Tribunal for winding up on the just and equitable ground, based on a section 49 report and specified circumstances, unless the Tribunal is already winding up the LLP.

  1. AIt may present a petition to the Tribunal on the ground that winding up is just and equitable, based on a report under section 49 and specified circumstances, unless the LLP is already being wound up by the TribunalCorrect
  2. BIt may order winding up directly without approaching the Tribunal
  3. CIt may present the petition even if the LLP is already being wound up by the Tribunal
  4. DIt may present a petition only when all partners consent in writing

Explanation

Section 51 allows the Central Government, where it appears from a report under section 49 that it is expedient because of the specified circumstances, to have a person authorised present a petition to the Tribunal on the just and equitable ground. This cannot be done if the Tribunal is already winding up the LLP.

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