The Ministry of Corporate Affairs (MCA) recently established the Centre for Processing Accelerated Corporate Exit (C-PACE) to centralize the process of striking off companies from the MCA Register. This move aims to facilitate ease of doing business and simplify the exit process for companies. This centralized institution (C-PACE) aims to provide a hassle-free, timely and process-bound experience for companies seeking to strike off their names from the MCA Register. Read on to learn more about the benefits and features of C-PACE.
C-PACE: A Centralized Solution for Corporate Exits
C-PACE was established under sub-section (1) of section 396 to exercise functional jurisdiction over the processing and disposal of applications. The institution operates through the Registrar of Companies (RoC), working under the supervision and administration of the Director General of Corporate Affairs (DGCoA) in New Delhi.
RK Dalmia, Director of Inspection & Investigation at MCA, inaugurated the office of C-PACE on 1st May 2023. Harihara Sahoo, ICLS, serves as the first Registrar of C-PACE.
C-PACE Location and Notifications
The C-PACE office is situated at the Indian Institute of Corporate Affairs (IICA), 7th Floor, Plot No. 6, 7 & 8, Sector-5, IMT Manesar, District Gurugram (Haryana) 122050. The establishment of C-PACE was announced via MCA Notification dated 17th March 2023.
The Ministry amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2023, which came into effect on 1st May 2023, through Notification dated 17th April 2023.
Key Benefits of C-PACE for Companies and Stakeholders
The establishment of C-PACE offers several advantages, including:
i) Centralizing the process of striking off companies, which helps maintain a cleaner registry.
ii) Providing hassle-free filing and process-bound striking off for stakeholders.
iii) Ensuring timely and efficient disposal of applications.
iv) Facilitating better availability of meaningful data to stakeholders.
In conclusion, the establishment of C-PACE demonstrates the MCA’s commitment to improving the ease of doing business in India. By offering a centralized, transparent and efficient solution for companies seeking to exit the market, C-PACE plays a crucial role in fostering a healthy business environment. With its streamlined processes and commitment to providing stakeholders with meaningful data, C-PACE is set to make a lasting impact on the corporate landscape.