7,700 cos exit biz post C-PACE
Centre for Processing Accelerated Corporate Exit operational since May 1, 2023, to expedite applications filed for voluntary exit under the provisions of Companies Act-2013
image for illustrative purpose
New Delhi: More than 7,700 companies have voluntarily closed down their business in the country since the setting up of the Centre for Processing Accelerated Corporate Exit (C-PACE) in May this year, and the time taken for voluntary exit has come down to around 110 days, according to the government.
The Ministry of Corporate Affairs (MCA) operationalised the C-PACE on May 1, 2023, to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013. The applications for voluntary closure under C-PACE are processed in a centralised manner for an efficient and uniform outcome, Minister of State (MoS) for Corporate Affairs Rao Inderjit Singh said on Monday.
“Since the setting up of C-PACE, 7,721 companies have been struck off till December 5, 2023, under section 248(2) of the Act the time taken under C-PACE for voluntary exit has reduced to around 110 days during the current year,” he said in a written reply to the Lok Sabha. In a separate written reply, Singh said the CSR-related disclosures are filed by the companies in the MCA 21 portal.
