Centre for Processing Accelerated Corporate Exit (C-PACE) has been established by the Ministry of Corporate Affairs (MCA) to enable the quick, transparent and process-bound exit of companies. With the establishment of C-PACE, the striking off process of companies has been centralized. This will help reduce the stress on the MCA Registry.
The setting up of the C-PACE is part of the several measures taken by MCA in the recent past towards ease of doing business.
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.
The establishment of the C-PACE will benefit the stakeholders by providing a hassle-free, timely and process-bound striking off their company’s names from the Register.
The Office of C-PACE was inaugurated on 1st May 2023 by R.K. Dalmia, Director, Inspection & Investigation, MCA. Harihara Sahoo, ICLS, has been appointed as first Registrar of the office of C-PACE. The C-PACE office will work under the supervision and administration of the Director General of Corporate Affairs, (DGCoA), New Delhi.
During her budget speech, Finance Minister Nirmala Sitharaman had announced that “Now the Centre for Processing Accelerated Corporate Exit (C-PACE) with process re-engineering, will be established to facilitate and speed up the voluntary winding-up of these companies from the currently required 2 years to less than 6 months”.