51. LLP Liquidator or Liquidator to exercise certain powers subject to sanction.
(1) The LLP Liquidator or Liquidator, as the case may be, may —
(a) with the sanction of the Tribunal, when the LLP is being wound up by theTribunal; or
(b) with the sanction of a resolution by three-fourths of total number of partners ofthe LLP and prior approval of the Tribunal, in the case of a voluntary winding up,—
(i) pay any class of creditors in full;
(ii) make any compromise or arrangement with creditors or persons claiming to becreditors, or having or alleging themselves to have any claim, present or future, certain orcontingent, against the LLP, or whereby the LLP may be rendered liable; or
(iii) compromise any money due from partners including outstanding, unrealized orunrecovered contribution, debt, and liability capable of resulting in a debt, and any claim,present or future, certain or contingent, ascertained or sounding only in damages, subsistingor alleged to subsist between the LLP and a partner or alleged partner or other debtor orperson apprehending liability to the LLP, and all questions in any way relating to or affectingthe assets or liabilities or the winding up of the LLP, on such terms as may be agreed, andtake any security for the discharge of any such debt, liability or claim, and give a completedischarge in respect thereof.
(2) Any creditor or partner may apply to the Tribunal with respect to any exercise orproposed exercise of powers by the LLP Liquidator under this rule, and the Tribunal shallafter giving a reasonable opportunity to such applicant and the LLP Liquidator, pass suchorders as it may think fit.