Committee of inspection governs appointment, quorum, vacancy filling, and conflict restrictions in LLP winding up. A Committee of inspection may be appointed by the Tribunal to act with the Liquidator in LLP winding up; its composition must reflect creditors and partners as agreed or as directed by the Tribunal. The Liquidator shall convene meetings to select members and report results to the Tribunal. The Committee's meetings, quorum, voting by majority, resignation, vacancy rules, removal procedures, and filling of vacancies are prescribed. Neither the Liquidator nor Committee members may purchase LLP assets or profit from winding-up transactions without Tribunal leave, and Tribunal sanction is required for remuneration for special services.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Committee of inspection governs appointment, quorum, vacancy filling, and conflict restrictions in LLP winding up.
A Committee of inspection may be appointed by the Tribunal to act with the Liquidator in LLP winding up; its composition must reflect creditors and partners as agreed or as directed by the Tribunal. The Liquidator shall convene meetings to select members and report results to the Tribunal. The Committee's meetings, quorum, voting by majority, resignation, vacancy rules, removal procedures, and filling of vacancies are prescribed. Neither the Liquidator nor Committee members may purchase LLP assets or profit from winding-up transactions without Tribunal leave, and Tribunal sanction is required for remuneration for special services.
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