What is C-PACE (Centre for Processing Accelerated Corporate Exit)?

About C-PACE (Centre for Processing Accelerated Corporate Exit): 

• It has been set up to centralise the process of striking off companies from the MCA Register.
• C-PACE is in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
• It will work under the supervision of the Director General of Corporate Affairs (DGCoA).
• It was established to facilitate and speed up the voluntary winding up of companies to less than six months with process re-engineering. 
• It is part of the Ministry of Corporate Affairs efforts towards ease of doing business and ease of exit for companies.
• Location: It is located at the Indian Institute of Corporate Affairs in Gurgaon.
• Significance of C-PACE: It will reduce the burden on the registry and provide stakeholders with hassle-free filing, timely and process-bound striking off of their company’s names from the register.
• Rules to remove company from the Registrar of Companies
  • Section 248 of the Companies Act provides for the removal of the name of the company from the RoC if it is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within the said period for obtaining the status of a dormant company under Section 455.

Q1: What is the Registrar of Companies ( ROC )?

It is an office under the Ministry of Corporate Affairs (MCA), which is the body that deals with the administration of companies and Limited Liability Partnerships (LLPs) in India. At present, Registrar of Companies (ROCs) are operating in all the major states/UT’s.

Source: Corporate exits now happening in 70-90 days under C-PACE, says govt in LS