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March 26, 2020
Summary of the Order, Circular, Notification issued by MCA and IBBI on 24/03/2020 and 25/03/2020
1. Summary of the Relief Measures introduced by MCA under Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak
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| Sr. No. |
Provision under Companies Act, 2013, LLP Act, 2008, as the case may be |
Relaxation (Revised Deadline, Waiver etc.) |
Original Deadline, if applicable |
| 1. |
Filing of Returns, Documents etc with MCA-21 by Companies/LLPs |
No additional fee shall be levied, irrespective of the due dates, during 1 April, 2020 – 30 September, 2020 |
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| 2. |
Maximum time gap between two Board Meetings under Section 173 |
180 days – A one-time relaxation for the period 1 April, 2020 – 30 September, 2020 |
120 days |
| 3. |
Applicability of Companies (Auditor’s Report), Order 2020 |
FY 2020-21 onwards |
FY 2019-20 onwards |
| 4. |
Independent Directors(IDs) meeting under Para VII(1) of Schedule IV |
Waiver of IDs meeting for FY 2019-20 |
Minimum of one ID meeting to be conducted every FY. |
| 5. |
Creation of Deposit Repayment Reserve for 20% of deposits maturing during the FY 2020-21 under Section 73(2)(c) |
30 June, 2020 |
30 April, 2020 |
| 6. |
To invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits under Rule 18 of the Companies (Share Capital & Debentures) Rules, 2014 |
30 June, 2020 |
30 April, 2020 |
| 7. |
Filing of Declaration of Commencement under Section 10A |
360 days from the date of Incorporation |
180 days from the date of incorporation |
| 8. |
Requirement of companies to have minimum residency of at least one director under Section 149 |
Waiver for FY 2019-20 |
Minimum period of stay in India by the director should be at least 182 days during the FY |
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2. Central Government increases the threshold of default by the Corporate Persons under Insolvency and Bankruptcy Code, 2016
Through this notification, the Central Government raises the threshold of the default by the Corporate Persons, for which the provisions of the IB Code, 2016, will be applicable, to One Crore rupees from existing limit of One Lakh rupees.
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3. Extension of applicability of additional fee for delayed filing of Form as described under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020
In line with the relief measures granted by the Central Government to Indian corporates, IBBI has also extended the deadline to 1st October, 2020 (as against the earlier deadline of 1st April, 2020), from which the schedule of additional fee, as prescribed under 40B(4), for every calendar month of delay in filing of Forms by the Insolvency Professional as required under 40B(1) of the said regulation shall be made applicable.
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