CFSS 2020 : Company Fresh Start Scheme

Mon, 13 Apr 2020 12:38:36 +0000

CFSS 2020: Company Fresh Start Scheme

CFSS 2020 only covers the defaults due to delay in filing
Eg. 42(8) which requires filing of return of Allotment, but Section 42(4) restricts application of money until filing of such return. The Scheme does not cover penalty for utilization of such funds only delay in filing is covered by the scheme.

The Scheme is only Valid from 01/04/2020 – 30/09/2020
It provides an opportunity to companies that are inactive to apply for dormant Certificate u/s 455 of the Act or Apply for Strike off in FORM STK-2
Designated Authority is the ROC having jurisdiction over the company.

A company may file declaration in Form CFSS2020 and based on it an immunity certificate granting immunity from penalty and prosecution shall be granted. But such immunity not available against Cases pending in Court or Management Disputes pending in Court or Tribunal.

If any order of Adjudicating authority passed between 01/03/2020-31/05/2020 an additional time of 120 days shall be granted and even the prosecution u/s 454(8) relating to non-compliance shall not be initiated.

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