To provide respite to companies and Limited Liability Partnerships (LLPs) in the wake of COVID-19, the Ministry of Corporate Affairs has introduced the ‘Companies Fresh Start Scheme, 2020’ and revised the ‘LLP Settlement Scheme, 2020’.
They both allow for a one-time waiver of additional filing fees for delayed filings by companies or LLPs with the Registrar of Companies between April 1 and September 30, 2020. The schemes significantly reduce the related financial burden on these entities, especially for those with long-standing defaults, thereby allowing them a ‘fresh start’.
