Section 60 of LLP Act, 2008 : Section 60: Compromise, Or Arrangement Of Limited Liability Partnerships
LLP Act, 2008
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Explanation using Example
Imagine that XYZ Design LLP, a limited liability partnership, is facing financial difficulties and owes a substantial amount of money to various creditors. The partners of XYZ Design LLP propose a compromise to settle the debts by paying a portion of the amounts owed to each creditor, rather than the full amounts.
Following Section 60 of the Limited Liability Partnership Act, 2008, XYZ Design LLP applies to the Tribunal to call a meeting with its creditors to discuss and vote on the proposed compromise. The Tribunal orders the meeting,...
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