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 ..... r 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 partnerships, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 directs, dissent from the compromise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 interest. (2) Where an order under this section pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all 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. Explanation .-For the purposes of this section,- (i) property includ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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