TMI BlogProvisions for facilitating reconstruction or amalgamation of limited liability partnershipsX X X X Extracts X X X X X X X X Extracts X X X X ..... der section 60 for sanctioning of a compromise or arrangement proposed between a limited liability partnership and any such persons as are mentioned in that section, and it is shown to the Tribunal that- (a) compromise or arrangement has been proposed for the purposes of, or in connection with, a scheme for the reconstruction of any limited liability partnership or limited liability partn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability partnership; (ii) the continuation by or against the transferee limited liability partnership of any legal proceedings pending by or against any transferor limited liability partnership; (iii) the dissolution, without winding up, of any transferor limited liability partnership; (iv) the provision to be made for any person who, within such time and in such manner as the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssolution of any transferor limited liability partnership under clause (iii) shall be made by the Tribunal unless the Official Liquidator has, on scrutiny of the books and papers of the limited liability partnership, made a report to the Tribunal that the affairs of the limited liability partnership have not been conducted in a manner prejudicial to the interests of its partners or to public inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability partnership and its every designated partner shall be liable to a penalty of ten thousand rupees, and in case of the continuing default, with a further penalty of one hundred rupees for each day, after the first during which such default continues, subject to a maximum of one lakh rupees for limited liability partnership and fifty thousand rupees for every designated partner. Explana ..... X X X X Extracts X X X X X X X X Extracts X X X X
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