Rule 22 - Arrangement between LLP and creditors - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Arrangement between LLP and creditors 22. Any arrangement entered into between an LLP in the course of being wound up and its creditors by three-fourths of the total number of partners of LLP and the three-fourths of the total number of creditors in value shall be binding, provided that the said arrangement is presented before the Tribunal within twenty one days from the date of approval by the LLP and the creditors and is approved by the Tribunal.