The government has set up the Centre for Processing Accelerated Corporate Exit (C-PACE) to ensure timely and process-bound deregistering of companies from records as well as provide more meaningful data to the stakeholders. The centre has been set up by Ministry of Corporate Affairs (MCA) at Indian Institute of Corporate Affairs. The MCA notification was released on 03.05.2023 notifying the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2023.
The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean and will also benefit the stakeholders by providing hassle-free filing, timely and process-bound striking off their company's names from the register.
As per MCA, the centre has been established as part of several measures taken to further improve the ease of doing business and ease of exit for companies.
MCA also released the Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023 which provides that the company shall not file an application unless it has filed overdue financial statements and overdue annual returns.
Click here to access MCA notifications-
The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2023
The Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023
