DECODING MCA SCHEME FOR RELAXATION OF CHARGES

DECODING MCA SCHEME FOR RELAXATION OF CHARGES

MCA SCHEME FOR RELAXATION RELATED TO CREATION OR MODIFICATION OF CHARGES

MCA vide General Circular no. 23/ 2020 dated 17th June, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 for all Companies Registered with ROC.

• Provisions Related to Filings

i. Section – 77 of the Companies Act 2013 – creation or modification of charges

ii. Timeline: with a period of 120 days of the creation or modification of charge.

iii. In case failure under Section 77 (1): (Charge not registered with in 30 days) the charge holder may file the form related to creation or modification of charges under section 78 of the Companies Act, 2013 within the overall timelines for filing of such form under section 77.

• Representation & COVID-19

Several representation has been made to MCA on account of COVID-19 outbreak requesting relaxations in the timelines related to filing of certain charge related forms.

Further, the benefit of waiver of additional fees was not extended to the charge related documents under the Companies Fresh Start Scheme (CFSS), 2020.

• MCA Relaxations on Charge related filings

In a view of the pandemic situation due to COVID-19 outbreak and Representation made, Ministry of Corporate Affairs has came out with a new scheme called “Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013” for the purpose of condoning the delay in filing certain forms related to creation/ modification of charges.

• Decoding Scheme related to Charge Matters

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Tags : Company Laws

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