A. MCA in continuation with its LLP SETTLEMENT SCHEME, 2020 vide General Circular No. 06/2020 dated on March 04, 2020 issues MODIFIED LLP SETTLEMENT SCHEME, 2020 vide general circular no 13/2020 dated March 30, 2020 in order to provide relief to defaulting LLPs registered in India.
B. Following are the changes/modification made to Scheme:
1. Time Limit of the Scheme = In earlier LLP Settlement Scheme, 2020 the time limit of the scheme was from March 16, 2020 to June 13, 2020
Whereas in as per the Modified LLP Settlement Scheme, 2020 the time limit of the scheme is from April 01, 2020 to September 30, 2020.
2. Applicability = In earlier LLP Settlement Scheme, 2020 the applicability of the scheme was that Any defaulting LLP for filing belated documents due till 31st October, 2019
Whereas in as per the Modified LLP Settlement Scheme, 2020 the applicability of the scheme is Any defaulting LLP for filing belated documents due till 31st August 2020.
3. Fees Payable = In earlier LLP Settlement Scheme, 2020 the fees payable under the scheme was to pay Normal fees, and additional fee payable Rs. 10 per day of default subject to maximum of Rs. 5000 per document
Whereas in as per the Modified LLP Settlement Scheme, 2020 the fees payable under the scheme is to pay only the Normal fees applicable and no additional fee payable.
4. Forms = In earlier LLP Settlement Scheme, 2020 the forms to be filed under the scheme was as follows:
Form 3 – Information regarding to LLP Deed and changes;
Form 4 – Notice of appointment/cessation, Change in name/address/designation and Consent to become in relation to partner or designated partner;
Form 8 – Statement of Account & Solvency;
Form 11- Annual Return
Whereas in as per the Modified LLP Settlement Scheme, 2020 the forms to be filed under is as follows:
All e-forms required to be filed by LLP
5. Non-Applicability = In earlier LLP Settlement Scheme, 2020 the scheme was not applicable on the LLP which have applied for Striking off the name
Whereas in as per the Modified LLP Settlement Scheme, 2020 the scheme is not applicable on the LLP which have applied for Striking off the name.
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Very beautifully explained article ! Thanks for the input !