Limited Liability Partnership (Amendment) Rules, 2024 introduces the Centre for Processing Accelerated Corporate Exit, effective from 27th August 2024.
On August 5, 2024, the Ministry of Corporate Affairs issued a notification amending the Limited Liability Partnership Rules, 2009, under the Limited Liability Partnership Act, 2008. The Limited Liability Partnership (Amendment) Rules, 2024, effective from August 27, 2024, incorporate several changes, particularly to rule 37. The amendments include the introduction of the Centre for Processing Accelerated Corporate Exit, established under a notification dated March 17, 2023. This Centre is now mentioned alongside the Registrar in various sub-rules, specifically in clauses and provisions related to the accelerated exit process of LLPs. The explanation added to sub-rule (1) clarifies the definition and establishment of this Centre. These changes aim to streamline and expedite the corporate exit procedures for LLPs.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 5th August, 2024
G.S.R. 475(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely: –
1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2024.
(2) They shall come into force with effect from 27th day of August, 2024.
2. In the Limited Liability Partnership Rules, 2009, in rule 37,-
(i) in sub-rule (1),-
(A) in clause (b), after the word “Registrar”, the words “the Centre for Processing Accelerated Corporate Exit” shall be inserted;
(B) in the first proviso, after the word “Registrar”, the words “the Centre for Processing Accelerated Corporate Exit” shall be inserted;
(C) the following Explanation shall be inserted, namely:-
“Explanation.- for the purposes of this sub-rule, the Centre for Processing Accelerated Corporate Exit means the office of Centre for Processing Accelerated Corporate Exit established by the Central Government, vide notification number S.O. 1269(E), dated 17th March, 2023 issued under sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013)”;
(ii) in sub-rule (3), after the word “Registrar” occurring at both places, the words “or the Centre for Processing Accelerated Corporate Exit, as the case may be” shall be inserted;
(iii) in sub-rule (4), after the word “Registrar”, the words “or the Centre for Processing Accelerated Corporate Exit, as the case may be” shall be inserted;
[F. No. 01/2/2021-CL-V-MCA-Part(3)]
MANOJ PANDEY, Addl. Secy.
Note: The principal rules, were published in the Gazette of India, vide notification number G.S.R. 229 (E) dated the 01st April, 2009 and last amended, vide notification number G.S.R 803 (E) dated the 27th October, 2023.
