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Date: 17-Mar-2023 Category: Extra Ordinary State: Union Government Country: India

Centre for Processing Accelerated Corporate Exit

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Ministry of Corporate Affairs has established a Centre for Processing Accelerated Corporate Exit (C-PACE).

Key Changes

  • C-PACE is established under Section 396(1) of the Companies Act, 2013.
  • C-PACE will 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.
  • The notification is effective from April 1, 2023.

Impact Analysis

Stakeholders

  • Professionals (e.g., lawyers, company secretaries, insolvency professionals): Increased corporate exits may lead to more work for professionals involved in the liquidation and winding-up processes.

Suggested Action Items

  • Professionals should update their knowledge and skills related to corporate exit processes to effectively assist companies seeking to utilize C-PACE.

Key Entities Referenced

Centre for Processing Accelerated Corporate Exit (C-PACE): A center established by the Central Government to expedite the corporate exit process. Companies Act, 2013: The primary law governing companies in India. Section 396 pertains to the power of the Central Government to establish offices for registration of companies. Indian Institute of Corporate Affairs (IICA): The location where C-PACE will be situated. Ministry of Corporate Affairs: The government ministry responsible for administering the Companies Act, 2013 and overseeing corporate affairs in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-18032023-244467 xxxGIDHxxx CG-DL-E-18032023-244467 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1220] नई ददल्ली, िुक्रवार, माचय 17, 2023/फाल्ग नु 26, 1944 No. 1220] NEW DELHI, FRIDAY, MARCH 17, 2023/PHALGUNA 26, 1944 कारपोरेट काय य मत्रं ालय अजधसचू ना नई ददल् ली, 17 माच,य 2023 का.आ. 1269(अ).—केंद्रीय सरकार, कंपनी अजधजनयम, 2013 (2013 का 18) (जिस े इसम ें इसके पश्चात अजधजनयम कहा गया ह)ै की धारा 396 की उपधारा (1) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, एक त् वररत कारपोरेट समापन प्रसंस्ट् करण केंद्र (जिसे इसम ें इसके पश्चात सी-पेस कहा गया ह)ै की स्ट्थापना करती ह।ै 2. सी-पेस भारतीय कारपोरेट काय य संस्ट् थान (आईआईसीए), प् लॉट स.ं 6,7,8 सेक्ट र 5, आईएमटी मानेसर, जिला गरूु ग्राम (हररयाणा), जपन कोड- 122050 म ेंअवजस्ट्थत होगा। 3. यह अजधसूचना 01 अप्रैल, 2023 स े प्रवृत्त होगी। [फा. स.ं ए-42/21/2022-प्रिा.II-एमसीए] अनुराधा ठाकुर, अपर सजचव 1789 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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