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Economy
Mahesh

14/05/23 20:51 PM IST

Centre for Processing Accelerated Corporate Exit (C-PACE)

In News
  • The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE).
About C-PACE
  • C-PACE is situated at the Indian Institute of Corporate Affairs (IICA) in IMT Manesar, Gurgaon, Haryana. This strategic location provides a conducive environment for efficient processing and disposal of applications.
  • By centralizing the strike-off process, the Registry’s workload will be reduced, ensuring a cleaner registry and more meaningful data for stakeholders.
  • The efficient operation of C-PACE will contribute to a smoother exit process for companies, aligning with the government’s focus on ease of business and creating a conducive environment for entrepreneurship and growth.
  • The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders.
  • The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-bound striking off their company’s names from the Register.
  • The C-PACE institution, established under sub-section (1) of section 396, shall be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
Source- PIB

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