Section 61 of LLP Act, 2008 : Section 61: Power Of Tribunal To Enforce Compromise Or Arrangement
LLP Act, 2008
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Explanation using Example
Imagine a scenario where XYZ Design LLP, a limited liability partnership specialized in architectural services, is facing financial difficulties and proposes a compromise with its creditors to restructure its debt. Let's say the creditors agree to reduce the debt by 30% if XYZ Design LLP can ensure timely payments of the remaining amount over the next five years.
The proposed compromise is presented to the Tribunal, which under the Limited Liability Partnership Act, 2008, sanctions the arrangement. As per Section 61:
- The Tribunal now has...
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