Centre for Processing Accelerated Corporate Exit (C-PACE)

Subject: Economy

Section: Msc

Context:

Centre for Processing Accelerated Corporate Exit (C-PACE), an initiative of the Central Government to accelerate the process for voluntary winding up of companies, will go live from May 1.

More about C-PACE:

C-PACE or Centre for Processing Accelerated Corporate Exit is a newly established body that aims to process and dispose of applications for the removal of company names from the records under the Companies Act, 2013.
C-PACE will be located at the Indian Institute of Corporate Affairs (IICA) in Manesar, Haryana, as a one-stop solution for companies looking to close their business and remove their names from the Register of Companies.
The primary purpose of C-PACE is to facilitate the process of closing businesses and removing company names from the Register of Companies from the currently required 2 years to less than 6 months.
Companies looking to file applications for the removal of names from the Register of Companies under Section 248 of the Companies Act, 2013, can benefit from C-PACE.
The Registrar of C-PACE has now been designated as the Registrar of Companies (RoCs) for the purpose of exercising functional jurisdiction of processing and disposal of applications for voluntary winding up of companies.
The Registrar of C-PACE will have territorial jurisdiction all over India to consider processing and disposal of applications for removal of names of companies from the Register of Companies in case of voluntary winding up.
MCA has also specified the format of three new forms (STK-2, STK-6 and STK-7) related to voluntary winding up of companies.