Government sets up fast track Corporate Exit Processing Center

Tags: National Economy/Finance National News

The government established the Expedited Corporate Exit Processing Center (C-PACE) and C-PACE is under the Ministry of Corporate Affairs (MCA).

An Overview of the News

• The C-PACE aims to streamline and speed up the process of winding up defunct companies.

• It centralises the process of winding up companies, making it easier and more efficient.

• This relieves the burden on the registry and ensures a clean and accurate database.

• Its establishment is part of the MCA's commitment to promote Ease of Doing Business and facilitate smooth exit of companies.

• It functions under the Registrar of Companies (ROC) as per sub-section (1) of section 396.

• The C-PACE office was inaugurated on May 1, 2023.

• The office is supervised by the Director General of Corporate Affairs (DGCoA) in New Delhi.

Director of Inspection and Investigation in MCA - RK Dalmiya