Application for sanction of compromise requires Liquidator affidavit showing benefit and permits Tribunal to order notice.

Application for sanction of a compromise must be accompanied by a copy of the proposed compromise or arrangement and supported by an affidavit of the Liquidator stating reasons and that the proposed compromise is beneficial to the LLP; the Tribunal may direct notice of the application to the Committee of Inspection, if any, and to other persons as it thinks fit.

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