Meaning of LLP:
As per Section 2(n) of Limited Liability Partnership Act, 2008, an LLP means a partnership formed and registered under this Act.
As per Section 3 it’s:
|Hustle of paying additional fees of INR 100/day for every day of delay u/s 69 in addition to any fees as is payable for filing such doc or return by defaulting LLPs.||Due to excessive financial burden, representations made for waiver of fee or condonation of delay and relaxation in additional fees.|
|Unavailability of records for inspection because of failure in filing statutory returns.||LLPs and designated partners were liable for criminal prosecution.|
|Unable to close LLPs until all compliances are completed.|
Central Government u/s 460 of the Companies act, 2013 vide Gazette Notification No. G.S.R. 59(E) dated 30th January, 2020 u/s 67(2) of LLP Act, 2008 introduced a scheme namely “LLP SETTLEMENT SCHEME, 2020” by allowing a one time condonation of delay in filing statutorily required docs with the Registrar.
1. Came into force
16th March, 2020 till 13th June, 2020. 1st April, 2020 till 30th September, 2020.
Belated docs ( Form-3, Form-4, Form 8, Form 11. All docs) to be filed by defaulted LLP which were due for filing till 31st October, 2019.
As per provisions of Rule 37(1) of LLP Rules, 2009, those LLPs which made an application in Form 24 to the Registrar for striking off its name from the register.
4. Manner of Payment of fees and additional fees
Defaulting LLPs have to pay an additional fees of INR 10/day NIL for delay in addition to fees as applicable , payment of additional fees shall not exceed INR 5000/document.
Prosecution by Registrar against defaulting LLPs after 13th June , 2020 30th September, 2020.
DISCLAIMER: This is based upon the relevant provisions. In no event I shall be liable for any direct or indirect result of this Article. Its a knowledge sharing initiative.
(Author – Deepna Babal, Company Secretary from New Delhi can be contacted at firstname.lastname@example.org).