MCA extends C-PACE services to LLPs for accelerating closure process

In her budget speech, the Hon’ble Finance Minister indicated that the Centre for Processing Accelerated Corporate Exit (C-PACE) services will be extended to help LLPs to have voluntary closure.

Accordingly, the Ministry of Corporate Affairs (MCA) has notified the Limited Liability Partnership (Amendment) Rules, 2024.

Under the amended rules, effective August 27, 2024, applications for voluntary closure of LLPs will henceforth be granted by C-PACE rather than the Registrar.

The Text of the Notification Given Below:

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: –

• These rules may be called the Limited Liability Partnership (Amendment) Rules, 2024.
• They shall come into force with effect from the 27th day of August 2024.

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.

For Official Notification Download PDF Given Below: