The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE).
The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders.
The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-bound striking off their company’s names from the Register.
The setting up of the C-PACE is part of the several measures taken by MCA in the recent past towards Ease of Doing Business and ease of exit for the Companies.
The C-PACE institution, established under sub-section (1) of section 396, shall be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
With the inception of the C-PACE, the strike-off process of the companies has been centralized. This will help in reducing the pressure on the MCA Registry.
Apart from this, it will also ensure that the registry is kept clean, providing more meaningful and accurate data to the stakeholders.
