Section 30 of LLP Act, 2008 : Section 30: Unlimited Liability In Case Of Fraud
LLP Act, 2008
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Explanation using Example
Imagine a scenario where a Limited Liability Partnership (LLP), "TechAdventures LLP," has taken a substantial loan from a bank. One of the partners, John, intentionally inflates the company's assets and revenue in the financial statements to secure the loan. This act is carried out without the knowledge of other partners or the LLP itself.
Later, when the fraud is discovered, the bank decides to take legal action. According to Section 30(1) of the Limited Liability Partnership Act, 2008, John's liability for the debt incurred by the fra...
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