- In her Budget Speech 2022, the Finance Minister of India, Smt. Nirmala Sitharaman, announced the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE), aimed at facilitating and expediting the voluntary winding-up of companies from the current required period of two years to less than six months.
- The Ministry of Corporate Affairs (MCA) has announced the establishment of C-PACE, which will be housed at the Indian Institute of Corporate Affairs (IICA) in Manesar, Gurugram. The centre will be operational from April 1st, 2023, and will be equipped with process re-engineering to fast-track the winding-up process of companies.
- The move is expected to benefit entrepreneurs and investors alike by reducing the time and cost involved in winding up a company, allowing them to move on to other ventures quickly.
- The C-PACE initiative is part of the Indian government's larger plan to promote ease of doing business and streamline the regulatory framework for businesses. By reducing the time and cost involved in winding up a company, the initiative aims to encourage more entrepreneurship and innovation in the country.[1]
[1] http s://egazette.nic.in/WriteReadData/2023/244467.pdf
