MCA established Centre for Processing Accelerated Corporate Exit (C-PACE) – The Ministry of Corporate Affairs (MCA) has issued a notification dated 17th March, 2023 regarding establishment of Centre for Processing Accelerated Corporate Exit (also called C-Pace) which was proposed by Finance Minister Nirmala Sitharaman in her Union Budget 2022-23. C-Pace facilitates and speed up the voluntary winding-up of companies from the currently required two years to less than six months.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 17th March, 2023
S.O. 1269(E).—In exercise of the powers conferred by sub-section (1) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Government hereby establishes a Centre for Processing Accelerated Corporate Exit (hereinafter referred to as C-PACE).
2. The C-PACE shall be located at the Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7, 8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050.
3. This notification shall come into force with effect from the 01st day of April, 2023.
[F. No. A-42/21/2022-Ad.II-MCA]
ANURADHA THAKUR, Addl. Secy.
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