Pursuant to General Circular No. 31/2020 dated September 28, 2020, the LLP Settlement Scheme, 2020 (“Scheme”) was extended till December 31, 2020. As per the Scheme, a defaulting LLP was permitted to file belated documents, which were due for filing till October 31, 2019 in accordance with the provisions of the Scheme.
On November 9, 2020, the Ministry of Corporate Affairs (“MCA”) issued General Circular No. 37/2020 (“Circular”). Pursuant to this Circular, a defaulting LLP is now permitted to file belated documents, which were due for filing till November 30, 2020 under the Scheme, in accordance with the provisions of the Scheme.
Further, the Circular also provides that if a statement of account and solvency for the financial year 2019-2020 has been signed beyond the period of 6 (six) months from the end of financial year but not later than November 30, 2020, the same shall not be deemed as non-compliance.
Please find a copy of the Circular here.
This update has been contributed by Adity Chaudhury (Partner) and Kshitija Naik (Associate).
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