Bright Consultants LLP is facing temporary financial difficulties and proposes a compromise with its unsecured creditors for payment of 70% of the…

Bright Consultants LLP is facing temporary financial difficulties and proposes a compromise with its unsecured creditors for payment of 70% of the outstanding dues in full settlement. An application is made before the Tribunal by one of the partners of the LLP seeking directions to convene a meeting of creditors. The Tribunal orders the meeting to be held. At the meeting, creditors representing 75% in value of the total outstanding debt vote in favour of the proposed compromise. The LLP thereafter approaches the Tribunal for sanction of the scheme. However: 1. The LLP fails to disclose in its application that an investigation proceeding is pending against it under the Limited Liability Partnership Act, 2008. 2. After obtaining the Tribunal's sanction order, the LLP does not file the order with the Registrar within 30 days. A dissenting creditor challenges the validity of the compromise on these grounds. Examine as per the provisions of the Limited Liability Partnership Act, 2008: (b) Whether the compromise becomes effective and binding if the Tribunal's order is not filed with the Registrar within the prescribed time?