Quick Summary
The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (herein after called as the Act) and the Limited Liability Partnerships (LLPs) Act, 2008 and the Insolvency and Bankruptcy Code (IBC), 2016. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corporate Affairs in a written reply to a question in Lok Sabha today. Giving more details, the Minister shared the information pertaining to MCA: Schemes launched by the
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FAQ :
The CFSS 2020 allowed companies to rectify any filing-related defaults, regardless of how long they had been outstanding, providing immunity from prosecutions and penalties for delayed filings during the period of 1st April to 31st December 2020, without additional fees.
This scheme provided one-time relaxation on additional fees for defaulting LLPs, enabling them to file pending documents with the Registrar of Companies. It was initially for a short period but was extended due to COVID-19 until 31st December 2020.
Yes, the threshold for default under Section 4 of the IBC was raised to Rs. 1 crore. A new Section 10A was introduced, temporarily suspending the initiation of corporate insolvency resolution processes for defaults occurring between 25th March 2020 and the end of the suspension period.
A scheme offered relaxation for filing forms related to the creation or modification of charges. If the charge was created/modified before 1st March 2020 and filed by 31st December 2020, the fees payable as of 29th February 2020 were charged. For charges created/modified between 1st March 2020 and 31st December 2020, normal fees applied if filed by 31st December 2020.
This scheme, operational from 1st February 2021 to 31st March 2021, allowed companies restored by the NCLT between 1st December 2020 and 31st December 2020 to file overdue e-forms without paying additional fees.
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