Section 35(15) in The Limited Liability Partnership Rules, 2009
(15)(i)On consideration of the report of the LLP Administrator under clause (c) of sub-rule (14), and other materials available, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against that LLP have, with or without modification of the scheme, resolved that it is not possible to revive and rehabilitate the LLP, the Tribunal may, within 60 days of the receipt of such report, order-(a)that the proceedings for the winding up of the LLP be initiated; or(b)the LLP be wound up, or the liquidator to continue; or(c)sanction the arrangement for revival and rehabilitation of LLP as approved by such creditors with such modifications as may be considered necessary by the Tribunal, and make orders for continuation of the LLP Administrator or appointment of a new LLP Administrator:Provided that Tribunal may consider for its approval, the arrangement for revival and rehabilitation including the proposal for appointment of any other LLP Administrator moved by the LLP in the meeting of the creditors, in place of the arrangement proposed by the creditors or the Liquidator, provided the arrangement is approved by three-fourth majority, in value, of creditors.Provided further that where the arrangement of revival and rehabilitation relates to amalgamation of the LLP with any other LLP, no such scheme shall be sanctioned by the Tribunal unless the said scheme is approved with, or without modification by three-fourth majority of respective partners of transferor and transferee LLPs.(ii)The order of sanction of the arrangement by the Tribunal under clause (i) may make provisions, for all or any of the following matters:-(a)powers and functions of the LLP Administrator;(b)the time period within which various actions proposed in the arrangement to be completed;(c)any such direction to the LLP or its officers or to the creditors, or to the LLP Administrator or to any other person, as may be considered necessary, for the purpose of implementation of the arrangement of revival and rehabilitation; and(d)any other order or orders as may be considered necessary.
