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of <h1>LLP Act Section 60: Tribunal-Sanctioned Compromises Binding on Creditors & Partners; 2021 Amendments Alter Penalties</h1> Section 60 of the Limited Liability Partnership Act, 2008, addresses the process for compromise, arrangement, or reconstruction involving limited liability partnerships (LLPs) and their creditors or partners. It allows the Tribunal to order meetings for such arrangements. If three-fourths of the creditors or partners agree and the Tribunal sanctions it, the arrangement becomes binding on all parties involved. The LLP must file the Tribunal's order with the Registrar within 30 days. Non-compliance results in penalties. The Tribunal can also stay legal proceedings against the LLP during the application process. Amendments in 2021 updated the penalty provisions.
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