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Home/Current Affairs/Center for Processing Accelerated Corporate Exit (C-PACE)

Center for Processing Accelerated Corporate Exit (C-PACE)

12 Dec 2023

Context: 7,700 firms voluntarily closed business since setting up the Center for Processing Accelerated Corporate Exit (C-PACE).

More on news

  • Since the setting up of the Center for Processing Accelerated Corporate Exit 7,721 companies have been struck off till 05.12.2023, under section 248(2) of the Act.
  • The time taken under C-PACE for voluntary exit has been reduced to around 110 days during the current year.

About C-PACE

  • Nodal Ministry: Ministry of Corporate Affairs(MCA) 
  • Establishment: C-PACE is established under sub-section (1) of section 396 of the Companies Act 2013. 
  • Governance: It will work under the supervision/administration of the Director General of Corporate Affairs (DGCoA)
    • Functioning: It operates through the Registrar of Companies (RoC) to exercise functional jurisdiction of processing and disposal of applications.
  • Purpose: 
    • Its primary role is to streamline the voluntary winding-up of companies to under six months. 
    • To centralize the process of striking off businesses from the MCA Register.
Striking off of companies 

Removing inactive, non-functioning, nonoperational, or dissolved corporations from the Ministry of Corporate Affairs (MCA) Register entails deleting them from the official database.

C-PACE: Importance 

  • Reduce stress: It will help to reduce the stress on the Registry along with keeping the registry clean besides the availability of more meaningful data to the stakeholders.
  • Benefit stakeholders: The stakeholders will also profit from the C-PACE since it will make filing simple and ensure that their company names are removed from the Register promptly.
  • Improves Ease Of Doing Business: It is a part of MCA’s efforts to promote Ease Of Doing Business with ease of exit of companies.

Learn more about IMPORTANT INDEXES AND REPORTS, here.

About Indian Companies Act

  • Establishment: It was formed through an act of parliament in the year 1956.
  • Purpose: 
    • It lays up the responsibilities and duties of corporations, their executive directors, and secretaries.  
    • It enables the companies to be formed through the registration process.
  • Amendments: Companies Act 1956 was partially replaced by the Companies Act 2013 and in 2020 parliament passed Companies Amendment Act 2020 to decriminalize several offenses that are compoundable and facilitate commercial transactions in the nation.


News source:  Livemint

 

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