MCA: Fresh Start Scheme & Revised LLP Settlement Scheme 2020

In order to provide a ‘fresh start’ to the companies and Limited Liability Partnerships (LLP) in this hard time of the outbreak of COVID-19, the Ministry of Corporate Affairs (MCA) has started two schemes, viz ‘Companies Fresh Start Scheme’ and ‘Limited Liability Partnerships (LLP) Settlement’ which will enable the companies and LLPs in rectifying all the previous defaults in filing returns, independent of the time period for which the default has been kept to provide a new ‘fresh’ start in the business.

Both schemes will help in reducing the compliance difficulties generated by the outbreak. Both the schemes can be used only once during the period for which the dates are extended, that is, from 1st April 2020 to 30th September 2020. Once the period is over, the companies or LLP Settlement Scheme 2020 will not be allowed the benefit of the schemes.

The scheme will reduce the burden of the companies and LLPs even further. MCA has also given an extension in the last dates of filing different returns under Companies Act, 2013 and Limited Liability Partnerships (LLP) Act, 2008 and will provide a ‘fresh start’ to them. The schemes are loaded with provisions to reduce various burdens like penal hearings and the penalties for late submission for the companies and LLPs. The scheme will also enable the companies and LLPs in providing some extra time in filing an application for the imposition of penalties to the Regional Directors if the penalties are already charged.

The schemes were introduced by the Ministry of Corporate Affairs (MCA) in a circular dated 30th March 2020.

MCA Department Official Press Release

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