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22. Liability of partners when limited liability partnership is insolvent (1) Notwithstanding anything under this Act, a partner or former partner of a limited liability partnership who receives a distribution from the limited liability partnership- (a) when the limited liability partnership is insolvent and knew or ought to have known at the time of the distribution that the limited liability partnership was insolvent; or (b) which results in the limited liability partnership becoming insolvent and knew or ought to have known at the time of distribution that the limited liability partnership would become insolvent as a result of the distribution, shall be personally liable to the limited liability partnership for the amount or value of the distribution if it was received within a period of two years before the commencement of the winding-up of the limited liability partnership. (2) For the purposes of this section- (a) a limited liability partnership is insolvent if it is, at that time, unable to pay its debts as they become due in the normal course of business; and (b) a partner or former partner shall be deemed to have received a distribution if the distribution is received by that partner or former partner's assignee or nominee. |
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The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with
The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with
The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with