Law · Limited Liability Partnership Act
For a compromise or arrangement to be binding under the LLP Act, it must be approved by a specific majority in value of creditors or partners and sanctioned by which authority?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Approved by at least half of the partners and sanctioned by the Registrar
- 2Approved by one-third in value of creditors and sanctioned by the Central Government
- 3Approved by a three-fourths majority in value of creditors or partners and sanctioned by the Tribunal✓
- 4Approved by all designated partners and sanctioned by the High Court
Correct answer
Approved by a three-fourths majority in value of creditors or partners and sanctioned by the Tribunal
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