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of <h1>Rule 240: Liquidators Need Tribunal Approval for Creditor Payments and Partner Settlements in LLP Dissolutions.</h1> Rule 240 of the Limited Liability Partnership (Winding up and Dissolution) Rules, 2012 mandates that no distributable sum to creditors or return of assets to partners can be declared by the Liquidator without the Tribunal's approval. Before any payment to creditors is made, a list of creditors must be filed and sanctioned by the Tribunal as a distributable sum. Similarly, no payment to partners is allowed without filing a final settlement list of partners and obtaining the Tribunal's sanction.
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