## Section 60 — Compromise or Arrangement (C/A) of LLP
### Sub-section (1) — Calling of Meeting
Where a C/A is proposed between:
- LLP and its creditors, OR
- LLP and its partners,
on application of:
- LLP, or
- any creditor or partner, or
- in case of LLP under winding up — the Liquidator,
the Tribunal may order a meeting of creditors/partners to be called, held and conducted in the prescribed manner.
### Sub-section (2) — Sanction of C/A
A C/A is binding if:
1. Majority representing 3/4th in value of creditors/partners present and voting agree to the C/A, AND
2. The C/A is sanctioned by the Tribunal by order.
Once sanctioned, it binds:
- All creditors / partners / LLP / liquidator / contributories.
### Disclosure Requirement
No order of sanction shall be made unless Tribunal is satisfied LLP has disclosed:
- All material facts including latest financial position, AND
- Pendency of any investigation proceedings.
### Sub-section (3) — Filing with RoC
- Tribunal's order shall be filed with RoC within 30 days of making it.
- The order takes effect only after filing.
Penalty for non-filing:
- LLP: ₹10,000 + ₹100/day, max ₹1 lakh
- Every DP: ₹10,000 + ₹100/day, max ₹50,000
### Sub-section (4) — Stay of Proceedings
After application is made, Tribunal may stay the commencement or continuation of any suit/proceeding against the LLP, on terms it thinks fit, until the application is finally disposed of.