26. Petition for winding up
(1) An application to the Tribunal for the winding up of an LLP shall be by a petition presented -
(a) by the LLP or any of its partner or partners,
(b) by any secured creditor or creditors, including any contingent or prospective creditor or creditors,
(c) by the Registrar, or
(d) by any person authorised by the Central Government in that behalf,
(e) by the Central Government, in a case falling under section 51 of the Act,
(f) by the Central Government or a State Government, in a case falling under clause
(d) of section 64.
(2) A partner shall be entitled to present a petition for the winding up of a LLP, notwithstanding that he may have paid his full contribution, or that the LLP may have no assets at all or may have no surplus assets left for distribution among the partners after the satisfaction of its liabilities.
(3) The Registrar shall be entitled to present a petition for winding up on any of the grounds specified in section 64 except on the ground specified in clause (d) of that section:
Provided that the Registrar shall not present a petition on the ground that the LLP is unable to pay its debts unless it appears to him either from the financial condition of the LLP as disclosed in its Statement of Accounts and Solvency or from the report of an inspector appointed under section 43 that the LLP is unable to pay its debts:
Provided further that the Registrar shall obtain the previous sanction of the Central Government to the presentation of a petition:
Provided also that the Central Government shall not accord its sanction for the presentation of the petition unless the LLP concerned has been given a reasonable opportunity of making representations, if any.
(4) A petition filed by the LLP or any of its partner or partners for winding up before the Tribunal shall be admitted only if accompanied by a statement of affairs of the LLP on the date of petition and a resolution of three-fourths of total number of partners in the form and manner specified in Part VI.
(5) Before a petition for winding up of a LLP presented by a contingent or prospective creditor is admitted, the leave of the Tribunal shall be obtained for the admission of the petition and such leave shall not be granted, unless in the opinion of the Tribunal there is a prima facie case for the winding up of the LLP and such security for costs has been given as the Tribunal thinks reasonable.
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