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 is :
Issues that led to the birth of LLP SETTLEMENT SCHEME, 2020:
Birth of LLP SETTLEMENT SCHEME, 2020:
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.
MCA vide its circular No. 6/2020 dated 4th March, 2020 clarified about the Scheme as follows:
1.Came into force
16th March, 2020 till 13th June, 2020.
Belated docs ( *Form-3, Form-4, Form 8, Form 11) 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 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.
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).