LLP Settlement Scheme,2020 rolled out

Several Limited Liability Partnerships (LLPs) have remained non-compliant in terms of filing statutory documents time and again.

Moreover, when the documents don’t get filed over long a period of time, these firms feel enormous financial burden even at the thought of making the default good.

Well, MCA has come to their rescue with a one time opportunity that would provide relaxation in additional fees to the defaulting LLPs.

As per the official release, this scheme would be in force from March 16, 2020 to June 13, 2020. The defaulting LLp can file the statutory documents, which were due for filing till October 31, 2019, on payment of a nominal additional fee of ₹10 per day for the period of delay.

If the defaulting LLP has filed the pending documents till 13th June 2020 and made good the default, then it shall not be subjected to prosecution by Registrar for such defaults.

The link to the circular issued by MCA is here

ICAI has also uploaded FAQs on the LLP Settlement Scheme, 2020 for the benefit of its members and other stakeholders on ICAI website.

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