Section 1
[(4) If default is made in complying with the provisions of sub-section (3), the limited liability partnership and its every designated partner shall be liable to a penalty of ten thousand rupees, and in case of the continuing default, with a further penalty of one hundred rupees for each day, after the first during which such default continues, subject to a maximum of one lakh rupees for limited liability partnership and fifty thousand rupees for every designated partner.
1 [(4) If default is made in complying with the provisions of sub-section (3), the limited liability partnership and its every designated partner shall be liable to a penalty of ten thousand rupees, and in case of the continuing default, with a further penalty of one hundred rupees for each day, after the first during which such default continues, subject to a maximum of one lakh rupees for limited liability partnership and fifty thousand rupees for every designated partner.
Explanation . — For the purposes of this section,—
(i) "property" includes property, rights and powers of every description and "liabilities" includes duties of every description;
(ii) a “limited liability partnership” shall not be amalgamated with a company.]
CHAPTER XIII
WINDING UP AND DISSOLUTION