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of <h1>Clause 60: LLP Compromise Proposals Need Tribunal Approval and Three-Fourths Agreement; Non-Compliance Risks Fines</h1> Clause 60 of the Limited Liability Partnership Bill, 2008, addresses the process for proposing a compromise or arrangement between a limited liability partnership (LLP) and its creditors or partners. The Tribunal can order meetings for creditors or partners to discuss such proposals. If three-fourths in value agree and the Tribunal sanctions it, the arrangement becomes binding on all parties, including the LLP and, if applicable, its liquidator. The LLP must file the Tribunal's order with the Registrar within 30 days. Non-compliance can result in fines. The Tribunal may also stay legal proceedings against the LLP during this process.
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