Major Updates on CFSS 2020 AND LLP Modified Settlement Scheme 2020

Major Updates on CFSS 2020 and LLP Modified Settlement Scheme 2020 • Delayed MGT -14: For filing MGT-14 beyond 300 days, condonation is requ

CS Lalit Rajput

Apr 16, 2020

Last update on Apr 16, 2020

Major Updates on CFSS 2020 and LLP Modified Settlement Scheme 2020 • Delayed MGT -14: For filing MGT-14 beyond 300 days, condonation is required. However, AoC-4 for the past year(s) can be filed without any condonation. (Que 10) • Company is under NCLT, and Operations are managed by IP: Can take benefits if Company status is not struck off and if it struck off it can take the benefit after it is revived • Foreign company having Project Office in India – Yes Applicable • Availability of CFSS Form 2020: CFSS 2020 would be made available w.e.f 1st October 2020 and till 31st March 2021

Overview

Companies Fresh Start Scheme, 2020 (CFSS-2020)	Modified LLP Settlement Scheme, 2020
The Ministry of Corporate Affairs (MCA) vide its General Circular No. 12/2020 dated 30.03.2020 has came up with the Companies Fresh Start Scheme, 2020 for one-time application of condonation of delay of filling the various documents, forms, returns etc. with the Registrar.	MINISTRY OF CORPORATE AFFAIRS (MCA) vide General Circular No. 13/2020 and File No. F. No. 17/61.2016-CL-V-Pt-I issued dated 30th March, 2020, has modified the provisions related to LLP SETTLEMENT SCHEME, 2020.
Applicable: w.e.f. 01.04.2020 And shall remain into Force up to 30.09.2020.	Applicable: w.e.f. 01.04.2020 And shall remain into Force up to 30.09.2020.
Applicability of the this Scheme: Any ‘defaulting company’ is permitted to file belated documents which were due for filing on any given date in accordance with the provisions of this Scheme: Immunity from the launch of prosecution or proceedings for imposing penalty shall be provided only to the extent such prosecution or the proceedings for imposing penalty under the Act pertain to any delay associated with the filings of belated documents.	Applicability of the this Scheme: The defaulting LLP, which have filed their belated documents till 30.09.2020 and made good the default shall not be subjected to prosecution by the Registrar of such defaults.
Circular Download	Circular Download

• List available Forms at Source / Link:

Download MCA has received various queries related to :

Companies Fresh Start Scheme, 2020 (CFSS-2020)
Modified LLP Settlement Scheme, 2020.

To provide guidance and clarity to the stakeholders MCA has came up with the FAQ’s on FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020. FAQs Disclaimer: IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. THIS HAS BEEN SHARED FOR KNOWLEDGE PURPOSES ONLY.

About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.